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Update:Consumer prices were flat for the month of December, but rose at the greatest pace on a yearly basis since 2007, the Bureau of labour Statistics said this morning.
Excluding volatile categories like food and energy, the index gained 0.1%, in line with expectations.
“Similar to last month, the energy index declined in December and offset increases in other indexes,” the BLS said in its statement. “The gasoline index declined for the third month in a row and the household energy index declined as well. The food index rose in December, with the index for food at home turning up after declining last month.
Services were one of the few categories that increased in December, with costs for shelter, transportation and medical care up 0.2%, 0.1%, and 0.4%, respectively.
Over the course of the year, prices for food accelerated, gaining 4.7% in 2011 against a 1.5% increase in 2010. Gasoline rate growth slowed over the same period, but still jumped nearly 10%.
January 2012 CPI will be released on Friday, February 17, 2012, at 8:30 a.m.
Just minutes away from the consumer price index report. Economists polled by Bloomberg see the headline number gaining 0.1% for December, against a flat reading in November.
Excluding volatile categories including food and energy, the figure is expected to increase by 0.1%.
At 8:30 a.m. there will be a series of releases from the Bureau of labour Statistics and other agencies in the U.S.