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(Sharecast News) - US consumer prices edged higher in January, according to fresh data from the Bureau of Labor Statistics, with headline CPI rising 0.2% on the month, while the annual rate eased to 2.4%, down from 2.7% in December.
Economists expected to see the inflation gauge show a 2.5% year-on-year advance and a 0.3% month-on-month uptick.
Shelter remained the biggest contributor to the monthly increase, up 0.2%, while food prices also rose 0.2%, with both groceries and restaurant prices posting modest gains. Those moves were partly offset by a 1.5% drop in energy costs.
The Bureau of Labor Statistics highlighted gains in airline fares, personal care, recreation, medical care and communication, while the cost of used cars and trucks, household furnishings and motor vehicle insurance all declined.
Core CPI, which strips out volatile food and energy costs, increased 0.3% on the month and rose 2.5% year-on-year. Food prices were 2.9% higher versus a year ago, while the energy index slipped 0.1% yearonyear.
Reporting by Iain Gilbert at Sharecast.com
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