US inflation falls for 6th straight month

Inflation declined to 6.5% in December compared with a year earlier, according to a monthly Consumer Price Index report from the U.S. Bureau of Labor Statistics. It was the sixth straight year-over-year slowdown, down from 7.1% in November. On a monthly basis, prices slipped 0.1% from November to December, the first such drop since May 2020.

The index for gasoline was by far the largest contributor to the monthly all-items decrease, more than offsetting increases in shelter indexes. The food index increased 0.3% over the month with the food-at-home index rising 0.2%. The energy index decreased 4.5% over the month as the gasoline index declined; other major energy component indexes increased over the month.