US Annual CPI Inflation Rose to 7.0% in December

Inflation in the US, as measured by the Consumer Price Index (CPI), rose to 7.0% on a yearly basis in December from 6.8% in November, the US Bureau of Labor Statistics reported on Wednesday. That was in line with the median economist forecast for a reading of 7.0%. The MoM pace of price increases as per the CPI came in at 0.5%, slightly above expectations for a MoM gain of 0.4%, though still marking a deceleration from November’s 0.8% MoM reading.