Inflation edged upward last month, driven by increases in gasoline and food prices, however the Labor Department's core consumer price reading remained steady.
The consumer price index rose 0.4% in December on a seasonally adjusted basis, accelerating from a 0.2% increase in November, the Labor Department said today. The latest reading was largely in line with economist expectations. Core prices were up 0.1% in December, matching economists’ expectations. following a 0.2% rise in November. The Federal Reserve's target for overall inflation remains at 2 percent.