U.S. consumer prices rise less than expected
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The consumer price index was unchanged in December, and the inflation rate for some consumer staples like food and electricity remains elevated.
Earlier federal data appeared to signal an optimistic turnaround for the job market.
The latest Consumer Price Index released Friday shows that inflation is cooling slightly as apartment prices slowed and gas prices dipped, offering a bit of relief to consumers dealing with rising costs in the past couple of years.
By Lucia Mutikani WASHINGTON, Feb 13 (Reuters) - U.S. consumer prices increased less than expected in January amid cheaper gasoline and a moderation in rental inflation, but households faced higher costs for services,
Inflation, as measured by the producer price index, rose 3% the year ending in December, the Bureau of Labor Statistics reported Friday. The report indicates that inflation tracked by the PPI still remains a full percentage point above the Federal Reserve‘s target.
A cooler-than-expected reading and a strong jobs report are likely to keep Federal Reserve interest rates on hold.