U.S. Consumer Prices Rise 0.2% In December, Less Than Expected
14 Gennaio 2020 - 10:21AM
RTTF2
Consumer prices in the U.S. increased by slightly less than
anticipated in the month of December, according to a report
released by the Labor Department on Tuesday.
The Labor Department said its consumer price index rose by 0.2
percent in December after climbing by 0.3 percent in November.
Economists had been expecting another 0.3 percent increase.
The increase in consumer prices was partly due to a jump in
energy prices, which surged up by 1.4 percent in December amid a
2.8 percent jump in gasoline prices.
Excluding food and energy prices, core consumer prices inched up
by 0.1 percent in December after rising by 0.2 percent in November.
Core prices had been expected to rise by another 0.2 percent.
The uptick on core prices reflected higher prices for shelter
and medical care as well as increases by prices for apparel, motor
vehicle insurance, recreation, and new vehicles.
Meanwhile, the Labor Department said prices for used cars and
trucks, household furnishings and operations, and airline fares
were among those to decline.
"The more muted 0.1% rise in core consumer prices in December
provides further evidence that underlying price pressures are
subdued," said Michael Pearce, Senior U.S. Economist at Capital
Economics.
He added, "With wage growth also moderating in recent months,
there will be little pressure on the Fed to raise interest rates as
economic growth gradually accelerates later this year."
The report also said the annual rate of consumer price growth
accelerated to 2.3 percent in December from 2.1 percent in
November, reaching the fastest rate of growth since October of
2018.
The annual rate of growth in core consumer prices was 2.3
percent in December, unchanged from the two previous months.
On Wednesday, the Labor Department is scheduled to release a
separate report on producer prices in the month of December.
Producer prices are expected to rise by 0.2 percent in December
after coming in unchanged in November, while core prices are
expected to increase by 0.2 percent after dipping by 0.2 percent in
the previous month.
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