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By Malvika Gurung
Investing.com — The US consumer price index (CPI) cooled down further to 6.5% on an annual basis in December 2022, as reported by the US Bureau of Labor Statistics on Thursday, lowering for the sixth consecutive month.
The in December came in line with Investing.com’s estimate, falling the most since October 2021 and tumbling under the 7% mark for the first time since November 2021, boosting hopes that the Federal Reserve would soon retreat from its aggressive interest rate hike.
On a monthly basis, from November. The annual print stood at 7.1% in the penultimate month of 2022.
The , which does not include food and energy prices, too eased in December to 5.7% YoY from 6% in the preceding month, in line with Investing.com’s forecast. On a monthly basis, advanced slightly to 0.3% from 0.2% in November.
Core CPI data includes prices from rent, housing, medical care and car prices while omitting the highly volatile food and gas prices, giving a clearer indication of future trends.
A dip in December’s annual CPI print is on the account of a steep decline in energy and gasoline prices, which offset further gains in food and core services prices during the month.
Read Also: US Dec CPI Timing, Investing.com Forecasts: Inflation Print, Key Drivers?
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