U.S. consumer prices in January stayed in the mid-2% range year over year, extending a slowing trend.
The Labor Department said on the 13th (local time) that the consumer price index (CPI) for January rose 2.4% from a year earlier. It was the lowest increase in eight months since May last year and came in below the 2.5% market estimate compiled by Dow Jones.
Month over month, it rose 0.2%, also below expectations.
Core CPI, which excludes energy and food, rose 2.5% from a year earlier, the lowest in 4 years and 10 months since March 2021. The month-over-month increase was 0.3%.
The year-over-year and month-over-month increases in core CPI both matched market expectations.
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