Inflation continued to cool in December thanks to a decline in gas and energy costs, but consumer prices remain historically high.
The Labor Department said Thursday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, fell 0.1% in December from the previous month. Prices climbed 6.5% on an annual basis.
Those figures were both in line with forecasts by Refinitiv economists, a potentially reassuring sign for the Federal Reserve as it tries to tame runaway inflation with a series of aggressive interest rate hikes. It marked the slowest annual inflation rate since October 2021.
This is a developing story. Please check back for updates.
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