US consumer prices rose 0.1% in January, weighed down by 1.6% drop in gasoline prices.
WASHINGTON — 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.