U.S. consumer prices rose moderately in January and underlying inflation remained benign as the pandemic continues to be a drag on the labor market and services industry.
The Labor Department said on Wednesday its consumer price index increased 0.3% last month after climbing a revised 0.2% in December. In the 12 months through January the CPI rose 1.4% after gaining a revised 1.3% December. Economists polled by Reuters had forecast the CPI rising 0.3% and increasing 1.5% year-on-year.
Prior to the revision, the CPI was previously reported to have increased 0.4% in December and advanced 1.4% year-on-year.