UPDATE - Annual US consumer inflation at 3.4% in December, rises from 3.1% in November

UPDATES WITH PRESIDENT JOE BIDEN'S REMARKS

By Ovunc Kutlu

ISTANBUL (AA) - Annual consumer inflation in the US came in at 3.4% in December, rising from a 3.1% gain in November, according to figures released Thursday.

The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, was higher than estimates of 3.2%.

The figure, however, is a sharp decline from last June's 9.1% yearly gain, the largest since November 1981.

"The energy index rose 0.4 percent in December, after decreasing 2.3 percent in November," the Labor Department said in a statement. "The food index increased 0.2 percent in December, as it did in November."

The CPI rose 0.3% in December, compared to the previous month, while expectations for the figure was to show a gain of 0.2%.

In November, CPI increased 0.1% from the previous month.

Core CPI, which excludes volatile food and energy prices, gained 0.3% in December from the previous month, coming in line with estimates, after rising 0.3% in November.

Annually, core CPI climbed 3.9% in December, lower than expectations of 3.8%, following a 4% year-on-year gain in November.

President Joe Biden said American economy ended the year of 2023 with inflation down nearly two-thirds from its peak and core inflation at its lowest level since May 2021.

"We saw prices go down over the course of the year for goods and services that are important for American households like a gallon of gas, a gallon of milk, a dozen eggs, toys, appliances, car rentals, and airline fares," he said in a statement released by the White House.

"Despite what many forecasters were predicting a year ago, inflation is down while growth and the job market have remained strong," he added.

Biden said the US economy has created more than 14 million jobs since he took office.