US inflation eases to 6.4% in January

Less than forecast

The US annual rate of inflation continued to ease in January, although at a slower pace than expected, while the consumer prices index experienced its fastest month-to-month increase in three months.

The consumer prices index was up 6.4% from a year earlier last month, more than the 6.2% forecast by economists, according to the Department for Labor Statistics. Following a 6.5% year-on-year rise in December, this figure marked the smallest gain since October 2021 and continued the downward trend seen since the 9.1% high in June 2022.  However, CPI rose 0.5% last month after gaining 0.1% in December, the most in three months, driven by energy and shelter costs.  UK wages grow faster than expected in the last quarter of 2022 Core CPI, which excludes food and energy, rose 0.4% i...