UPDATE - US annual inflation rises to 5-month high of 2.9% in December, as expected

UPDATE - US annual inflation rises to 5-month high of 2.9% in December, as expected

Consumer prices rise 0.4% on monthly basis

UPDATES WITH ADDITIONAL FIGURES

By Tuba Ongun

The annual consumer inflation rate in the US accelerated to a five-month high of 2.9% in December, matching the market forecast, according to official data released on Wednesday.

Consumer prices index (CPI) rose at a faster pace for the third straight month in December from 2.7% in November.

The year-on-year decrease in energy prices slowed down significantly by 0.5% while food inflation rose slightly to 2.5%.

Excluding food and energy costs, the core inflation cooled to 3.2% on an annual basis and 0.2% monthly, both below estimates.

Although inflation has significantly decreased from its 40-year peak in mid-2022, it still exceeds the Federal Reserve's 2% annual target.

Month-on-month, the CPI climbed 0.4% in December, following November's 0.3% hike.

Food prices increased at a slower pace by 0.3% on a monthly basis in December compared to 0.4% in the prior month.

Energy inflation jumped to 2.6% in December, following November's 0.2%.

Shelter costs increased by 0.3% in December and have remained one of the most persistent factors contributing to inflation.

"The index for owners' equivalent rent also rose 0.3% over the month, as did the index for rent," said the statement. "The lodging away from home index fell 1.0% in December, after rising 3.2% in November."

The medical care index, meanwhile, rose 0.1% in the month, after climbing 0.3% in each of the previous two months, according to the Bureau of Labor Statistics.

The airline fares index surged 3.9% in December, accelerated from a 0.4% increase in the previous month.

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