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MNI BRIEF: US Dec Core CPI Cooler Than Expected

Final inflation report ahead of the Fed's January meeting showed core price pressures softer.
USCentral Bank NewsPolicy NewsFederal ReserveHomepageBriefStoryNorth America

MNI (WASHINGTON) - U.S. CPI inflation picked up again in December to 0.393% on higher energy prices, but core CPI slowed to 0.225% from a 0.3% pace in the previous four months, the Bureau of Labor Statistics said Wednesday. The final inflation report before the FOMC meets Jan. 28-29 should keep the Federal Reserve on track to hold interest rates unchanged this month. The dollar fell against a basket of currencies and Treasuries rose. (See: MNI INTERVIEW: Fed Won't Consider Cuts Until March - Benigno)

The headline inflation figure was higher than analysts expected, but the BLS said a 2.6% spike in energy prices accounted for over 40% of the monthly increase. In the core category, owners equivalent rent came in at 0.31% in December, close to expectations, and non-housing services or supercore CPI slowed to a 0.205% increase, on the low end of expectations. The three-month annualized rate of core CPI is running at 3.3%, down from 3.7% in November. The six-month rate and 12-month rates are both at 3.2%. 

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MNI (WASHINGTON) - U.S. CPI inflation picked up again in December to 0.393% on higher energy prices, but core CPI slowed to 0.225% from a 0.3% pace in the previous four months, the Bureau of Labor Statistics said Wednesday. The final inflation report before the FOMC meets Jan. 28-29 should keep the Federal Reserve on track to hold interest rates unchanged this month. The dollar fell against a basket of currencies and Treasuries rose. (See: MNI INTERVIEW: Fed Won't Consider Cuts Until March - Benigno)

The headline inflation figure was higher than analysts expected, but the BLS said a 2.6% spike in energy prices accounted for over 40% of the monthly increase. In the core category, owners equivalent rent came in at 0.31% in December, close to expectations, and non-housing services or supercore CPI slowed to a 0.205% increase, on the low end of expectations. The three-month annualized rate of core CPI is running at 3.3%, down from 3.7% in November. The six-month rate and 12-month rates are both at 3.2%.