BUSINESS + ECONOMY

Prices fell in December as inflation continues to moderate

Jan 12, 2023, 6:47 AM
(Elijah Nouvelage/ AFP/Getty Images)...
(Elijah Nouvelage/ AFP/Getty Images)
(Elijah Nouvelage/ AFP/Getty Images)
Originally Published: 12 JAN 23 08:39 ET

(CNN) — The Consumer Price Index, a closely watched inflation gauge, showed prices continued to cool last month.

On a monthly basis, consumer prices decreased by 0.1% in December, the Bureau of Labor Statistics reported Thursday.

The annual increase measured 6.5%, down from 7.1% in November.

Stripping out food and energy prices, which tend to be more volatile, core CPI came in at 5.7%, down from November’s 6% annual rate and up 0.3% from the month before.

It’s the first inflation report of the new year — and the last before the Federal Reserve meets at the end of the month to determine how aggressively it will tackle rising costs.

This story is developing and will be updated.

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Prices fell in December as inflation continues to moderate