Economy

U.S. consumer prices increase steadily in January

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Fuel prices on a sign at a BP gas station in Louisville, Kentucky, on Friday, Jan. 29, 2021.
Luke Sharrett | Bloomberg | Getty Images

U.S. consumer prices rose moderately in January and underlying inflation remained benign as the pandemic continues to be a drag on the labor market and services industry.

The Labor Department said on Wednesday its consumer price index increased 0.3% last month after climbing 0.4% in December. In the 12 months through January the CPI rose 1.4% after a similar gain in December. Economists polled by Reuters had forecast the CPI rising 0.3% and increasing 1.5% year-on-year.

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