Consumer prices were unchanged in the United States for a second consecutive month in January following an unchanged reading in December and a 0.2% dip in November.
Experts say the flat reading overall occurred despite a sharp 3.0% decline in gasoline prices that built on 1.9% and 6.0% drops in December and November, respectively and pushed the overall energy component down 1.7% in the month.
Food prices were unchanged following a 0.2% gain in December; however, excluding the food and energy components, core prices provided offset, rising a stronger-than-expected 0.3% in January following more modest 0.1% gains in each of December and November.
The flat headline reading left the year-over-year rate of growth in the all-items index at a modest 1.6%, down from the 1.7% reading in December. Despite the stronger-than-expected rise in core prices, the annual gain in that measure held steady at 1.9% to match the pace of growth in both December and November.
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