Prices fell in December as inflation continues to moderate
(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.
™ & © 2023 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
Today’s Top Stories
- Lockout lifted for Hunter High and Hunter Elementary Schools
- Home schools and micro-schooling defined under new Utah bill
- GoFundMe created for passing of two employees at Northrop Grumman
- Full-sized Target coming to former Dillard’s at Provo’s Towne Centre
- Biden to test run his reelection message in his first State of the Union to a divided Congress
- Utah hasn’t had this much snowfall since 2011, according to NWS
- One dead after four-vehicles crash on U.S. Highway-40
- Utah Corrections offers more details on recent assaults against officers
- Lawyers say new Petito photos prove Moab Police ignored evidence of abuse
- Utah snowpack at a 10-year-high