US annual CPI data declines to 6.4% in January

The US Bureau of Labor Statistics reported on Tuesday that inflation in the United States, as measured by the Consumer Price Index (CPI), declined to 6.4% on a yearly basis in January from 6.5% in December. This reading came in higher than the market expectation of 6.2%. On a monthly basis, the CPI was up 0.5%, matching analysts’ estimate.

The Core CPI, which excludes volatile food and energy prices, rose 0.4% on a monthly basis as expected, bringing the annual rate down to 5.6% from 5.7%.