U.S. consumer prices increased solidly in December amid a surge in the cost of gasoline, though underlying inflation remained tame as the economy battled a raging COVID-19 pandemic that has weighed on the labor market and services industry.
The consumer price index increased 0.4per cent last month after gaining 0.2per cent in November, the Labor Department said on Wednesday. An 8.4per cent jump in gasoline prices accounted for more than 60per cent of the increase in the CPI. Food prices also rebounded. The rise in the CPI was in line with economists' expectations.In the 12 months through December, the CPI advanced 1.4per cent after increasing 1.2per cent in November. The annual inflation rate is below the 1.
But with at least 19 million Americans on unemployment benefits, inflation is unlikely to become troublesome. The core CPI gained 1.6per cent on a year-on-year basis, matching November's rise, and is below the 2.0per cent average over the past 10 years. The Fed tracks the core personal consumption expenditures price index for its inflation target, a flexible average. The core PCE price index is at 1.4per cent.
Biden, who will be sworn in next Wednesday, is expected to unveil a plan this week that will include relief for cash-strapped state and local governments, new support for people who lost their jobs or cannot afford rent, and US$2,000 in direct cash payments to many Americans.
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