WASHINGTON: U.S. consumer prices rose slightly less than expected in December and monthly underlying inflation pressures retreated, which could allow the Federal Reserve to keep interest rates unchanged at least through this year.
Economists polled by Reuters had forecast the CPI would rise 0.3per cent in December and advance 2.3per cent on a year-on-year basis. U.S. stock index futures were trading mixed while prices of U.S. Treasuries were higher. The dollar was up against a basket of currencies.The Fed tracks the core personal consumption expenditures price index for its 2.0per cent inflation target. The core PCE price index rose 1.6per cent on a year-on-year basis in November. It undershot its target in the first 11 months of 2019. PCE price data for December will be published later this month.
There were, however, concerns among some officials"that global or technology-related factors were exerting downward pressure on inflation that could be difficult to overcome." Owners' equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, increased 0.2per cent for a third straight month.
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