U.S. Consumer Prices Rise 0.4% in December

Consumer prices in the United States rose in December on the back of a surge in gasoline prices, data showed on Wednesday.

The official reading of the consumer price index (CPI) showed an increase of 0.4% in December, following a 0.2% rise in November, according to data by the U.S. Department of Labor.

This followed an 8.4% increase in gasoline prices, which represented around 60% of the increase in consumer prices last month.

On an annual basis, the inflation rate increased by 1.4% last month, following a rise of 1.2% in November of last year.

The readings comes in line with market experts expectations.

The core CPI leveled up by 0.1%, after rising by 0.2% in November.

Core CPI also advanced by 1.6% on an annual basis.