December consumer prices data are out.
The consumer price index rose 0.3% in December from a month earlier, right in line with expectations. The December gains brought the headline year-over-year inflation rate to 1.5% from November’s 1.2% level, right in line with expectations.
Core consumer prices — a measure that strips out food and energy — rose 0.1% from the previous month, as expected, marking a slowdown from November’s 0.2% rate of growth but leaving the year-over-year rate of core price inflation unchanged at 1.7%.
The inflation rate is under close scrutiny by market participants as it takes on increased importance in the Federal Reserve’s forward guidance on the likely future path of short-term interest rates. Most project tame inflation in 2014, which will offer continued justification for extraordinary monetary stimulus from the Fed.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.