The report said the consumer price index rose by 0.2 percent in January after climbing by 0.3 percent in December.

The annual rate of growth by consumer prices slowed to 2.4 percent in January from 2.7 percent in December, coming in below estimates of 2.5 percent.

The Labor Department said the modest monthly increase by consumer prices largely reflected higher shelter costs, which grew by 0.2 percent in January.

Food prices also rose by 0.2 percent in January, although the increases in food and shelter costs were partly offset by a 1.5 percent slump in energy prices.

Meanwhile, the Labor Department said core consumer prices, which exclude food and energy prices, increased by 0.3 percent in January after rising by 0.2 percent in December, matching expectations.

The annual rate of growth by core consumer prices dipped to 2.5 percent in January from 2.6 percent in December, which was also in line with estimates.

The monthly increase by core prices reflected higher prices for shelter, airline fares, personal care, recreation, medical care and communication.

On the other hand, prices for used cars and trucks, household furnishings and operations, and motor vehicle insurance were among those that decreased in January, the Labor Department said.

Powered by Commodity Insights