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Core U.S. consumer prices rose less than predicted in December, reinforcing hopes that inflation is tempering as the Federal Reserve contemplates its next move on interest rates.<\/p>\n
Excluding volatile food and energy prices, the consumer price index showed a seasonally adjusted 0.2% gain on a monthly basis and 2.6% annually, the Bureau of Labor Statistics reported Tuesday. Both were 0.1 percentage point below expectations. Though they look at both measures, Fed officials consider core inflation a better long-run gauge of where inflation is heading.<\/p>\n
On a headline basis, the CPI posted an increase of 0.3% for the month, putting the all-items annual rate at 2.7%. Both were exactly in line with the Dow Jones consensus estimate.<\/p>\n
The Fed targets inflation at 2% annually, so the report provides some evidence that the pace of prices increases is moving back to target but remains elevated.<\/p>\n
Stock market futures rose following the report while Treasury yields were lower.<\/p>\n
Shelter, a key element of stickiness, increased 0.4%, which was the biggest item for the monthly increase, according to the BLS. The category accounts for more than one-third of the CPI weighting and was up 3.2% on an annual basis.<\/p>\n
This is breaking news. Please refresh for updates<\/strong>.<\/p>\n<\/div>\n<\/div>\n\n
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