Investing.com - Consumer price inflation in the U.S. rose in line with expectations in January, while prices excluding food and energy costs also inched up modestly, official data showed on Thursday.
In a report, the U.S. Department of Labor said that consumer prices rose by as a seasonally adjusted 0.1% last month, matching forecasts, after rising 0.2% in December.
Year-over-year, consumer prices rose at an annualized rate of 1.6% in January, in line with expectations and up from 1.5% in December.
Consumer prices, excluding food and energy costs, inched up by a seasonally adjusted 0.1% last month, meeting estimates. Core consumer prices rose 0.1% in December.
Core CPI increased at annualized rate of 1.6% in January, down from 1.7% in December and in line with expectations.
Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. The central bank usually tries to aim for 2% core inflation or less.
Following the release of the data, the U.S. dollar trimmed gains against the euro, with EUR/USD shedding 0.18% to trade at 1.3709, compared to 1.3703 ahead of the data.
Meanwhile, U.S. stock index futures pointed to a lower open. The Dow Jones Industrial Average futures pointed to a loss of 0.25%, S&P 500 futures indicated a decline of 0.3%, while the Nasdaq 100 futures signaled a drop of 0.3%.
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