Consumer prices rose at a 6.5% annual pace in December, marking a sizable deceleration from November and notching the sixth straight month of slowing inflation.
The consumer-price index ticked down 0.1% over the month in December from a month earlier, the Labor Department reported Thursday, compared to a 0.1% climb in November. Economists had expected prices to stay flat in December and slow to a 6.5% annual pace from the previous month’s 7.1%.
Consumer price growth is expected to have slowed significantly in December from a year ago as both gas and goods prices fell, reflecting effects of the Federal Reserve’s monetary tightening on the broader economy.
Source: MarketWatch