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Financial News: U.S. Consumer Prices Edge Down 0.1% In December,

U.S. Consumer Prices Edge Down 0.1% In December, Annual Growth Slows

01/12/2023 - 08:38:00 (RTTNews)

(RTTNews) - A highly anticipated report released by the Labor Department on Thursday showed a modest decrease in U.S. consumer prices in the month of December.

The Labor Department said its consumer price index edged down by 0.1 percent in December after inching up by 0.1 percent in November. Economists had expected consumer prices to come in unchanged.

The report also showed the annual rate of consumer price growth slowed to 6.5 percent in December from 7.1 percent in November, in line with expectations. The annual growth was the slowest since October 2021.

Excluding food and energy prices, core consumer prices rose by 0.3 percent in December following a 0.2 percent uptick in November. The increase matched economist estimates.

The annual rate of core price growth slowed to 5.7 percent in December from 6.0 percent in November. The year-over-year growth was also in line with expectations.

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