The consumer price index, which measures the costs of a wide range of goods and services, rose by 0.2% for the month, on a seasonally adjusted basis, raising the 12-month inflation rate to 2.3%, the lowest since February 2021, reported the Bureau of Labor Statistics. The monthly reading was in line with Dow Jones' consensus estimate, while the 12-month reading was slightly below the forecast of 2.4%.
Excluding the volatile prices of food and energy, the core CPI also increased by 0.2% for the month, while the annual level was 2.8%. The forecast was 0.3% and 2.8%, respectively.
