WASHINGTON (Reuters) – US consumer prices fell for the first time in more than two and a half years in December amid declining prices for gasoline and motor vehicles, offering hope that inflation was now on a sustained downward trend, though the labor market remains tight. Cooling inflation could allow the Federal Reserve to further scale back the pace of its interest rate increases next month. Food prices climbed 0.3%, the smallest gain in nearly two years, after rising 0.5% in the prior month. Fruit and vegetable prices fell as did those for dairy products, but meat, poultry and fish cost more. Core goods prices slipped 0.3%, declining for a third straight month.

Source: Bueno Aires Herald January 13, 2023 06:41 UTC