The U.S. annual inflation rate slowed to 6.5 percent in December, down from 7.1 percent in November, according to the Bureau of Labor Statistics (BLS). The consumer price index dipped 0.1 percent month-over-month.
The core inflation rate, which strips the volatile food and energy sectors, eased to 5.7 percent last month, down from 6 percent in the previous month.
Food prices remained elevated as the index was 10.4 percent higher than the same time a year ago. Supermarket prices remained relatively unchanged at 11.8 percent.
Gasoline prices continued their downward trend, plunging 9.4 percent from November to December. On an annualized basis, gas prices are down 1.5 percent. While fuel oil is up 41.5 percent year-over-year, it has plummeted 16.6 percent month-over-month….