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U.S. consumer prices increase steadily in January

FILE PHOTO: Informational signs are seen at the Destiny USA mall during the reopening, as the coronavirus disease (COVID-19) restrictions are eased, in Syracuse, New York, U.S., July 10, 2020. REUTERS/Maranie Staab

WASHINGTON (Reuters) - U.S. consumer prices rose moderately in January and underlying inflation remained benign as the pandemic continues to be a drag on the labor market and services industry.

The Labor Department said on Wednesday its consumer price index increased 0.3% last month after climbing a revised 0.2% in December. In the 12 months through January the CPI rose 1.4% after gaining a revised 1.3% December. Economists polled by Reuters had forecast the CPI rising 0.3% and increasing 1.5% year-on-year.

Prior to the revision, the CPI was previously reported to have increased 0.4% in December and advanced 1.4% year-on-year.

(The story corrects December figures which were revised.)

Reporting by Lucia Mutikani; Editing by Chizu Nomiyama

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