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Economic Buzz: US Consumer Prices Inch Up 0.1% In January
14-Feb-20   09:01 Hrs IST

US consumer price index inched up by 0.1 percent in January after rising by 0.2 percent in December, with higher prices for food and shelter offsetting a steep drop in gasoline prices, the Labor Department reported on Thursday. The uptick in consumer prices was primarily due to an increase in shelter costs, which climbed by 0.4 percent in January. Prices for food and for medical care services also rose during the month, more than offsetting a 1.6 percent nosedive in gasoline prices. Reflecting the pullback in gas prices, which spiked by 3.1 percent in the previous month, energy prices slid by 0.7 percent in January after jumping by 1.6 percent in December. Core consumer prices, which exclude food and energy prices, rose by 0.2 percent in January after ticking up by 0.1 percent in the previous month.

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