The Commerce Department revealed that annual consumer price growth in the U.S. remained steady in December. However, the report indicated a larger than anticipated reduction in the year-on-year rate of core consumer price growth.
Prices for December were reported to be 2.6 percent higher compared to the same month the previous year, matching November's growth and aligning with economists' predictions.
The core consumer prices, which exclude food and energy costs, are said to have decelerated to 2.9 percent in December from 3.2 percent in November, as opposed to the 3.0 percent decrease economists had forecasted.
These inflation readings, favored by the Federal Reserve, were part of the Commerce Department's monthly report on income and expenditure.
According to the report, personal spending increased by 0.3 percent in December, following November's 0.4 percent climb. This increase mirrored economists' projections.
The report also disclosed a 0.7 percent rise in personal spending in December, an improvement on the revised 0.4 percent increase in November.
Economists had forecasted a 0.4 percent rise in spending compared to the initial 0.2 percent increase reported for the previous month.
