Off the wire
Uruguay sees record high number of tourists in 2017  • U.S. Treasury Secretary concerns risks from cryptocurrency  • Welfare and safety of Mugabe guaranteed: Zimbabwean President Mnangagwa  • Hamas, Islamic Jihad refuse to join PLO central meetings  • 2nd LD-Writethru: Iran says U.S. treatment of nuke deal "desperate attempt"  • U.S. regulator probes VW SUVs for seatbelt issue  • U.S. rig count rises by 15, largest increase in 8 months  • Xinhua Middle East news summary at 2200 GMT, Jan. 12  • 3rd LD-Writethru: Morocco to start floating its currency on Monday after months of hesitation  • News Analysis: Political uncertainty predicted for Italy in 2018, but growth not at risk  
You are here:  

U.S. inflation accelerates in December

Xinhua,January 13, 2018 Adjust font size:

WASHINGTON, Jan. 12 (Xinhua) -- Underlying U.S. consumer prices registered the biggest gain in 11 month in December, raising the outlook for the Federal Reserve to hike interest rates more quickly in 2018.

The core inflation, which excludes volatile food and energy prices, increased 0.3 percent in December, its largest increase since January 2017, said the Labor Department on Friday.

"Along with the shelter index, the indexes for medical care, used cars and trucks, new vehicles, and motor vehicle insurance were among those that increased in December. The indexes for apparel, airline fares, and tobacco all declined over the month," said the Labor Department.

The core inflation rose 1.8 percent for the 12 month ending December. With tightening labor market, rising commodity prices, a weak dollar, and tax cuts stimulus, the inflation index has been heading towards the Fed's 2 percent target.

The U.S. central bank raised interest rates for three times in 2017 and forecast three rate increases in 2018. Enditem