US consumer prices up 0.1% in January; gasoline prices fall

1010 WINS Newsroom
February 13, 2020 - 8:36 am

FILE - In this Sept. 17, 2019, file photo, a gas pump reflecting current prices is seen in Orlando, Fla. On Thursday, Feb. 13, 2020, the Labor Department releases Consumer Price Index for January. (AP Photo/John Raoux, File)

WASHINGTON (AP) — U.S. consumer prices rose modestly last month, weighed down by falling gasoline prices.

The Labor Department said Thursday that its consumer price index blipped up 0.1% in January after rising 0.2% in December. Over the past year, consumer inflation is up 2.5%, biggest gain since October 2018.

Excluding volatile food and energy prices, so-called core consumer inflation rose 0.2% in January and 2.3% over the past year. Gasoline prices dropped 1.6% in January after surging 3.1% in December. They are up 12.8% over the past year.

Consumer inflation is running close to the Federal Reserve’s 2% annual target.

AP Editorial Categories: