US consumer prices increase steadily in January

US consumer prices increase steadily in January

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.

Destiny USA mall reopens as COVID-19 restrictions are eased
FILE PHOTO: Informational signs are seen at the Destiny USA mall during the reopening, as the coronavirus disease (COVID-19) restrictions are eased, in Syracuse, New York, U.S., July 10, 2020. REUTERS/Maranie Staab

WASHINGTON: 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 0.3per cent last month after climbing a revised 0.2per cent in December. In the 12 months through January the CPI rose 1.4per cent after gaining a revised 1.3per cent December. Economists polled by Reuters had forecast the CPI rising 0.3per cent and increasing 1.5per cent year-on-year.

Prior to the revision, the CPI was previously reported to have increased 0.4per cent in December and advanced 1.4per cent year-on-year.

(The story corrects December figures which were revised.)

(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)

Source: Reuters

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