BREAKING: Inflation fell in December as price pressures continue to cool
: the Consumer Price Index declined on a monthly basis, the first drop since last summer as falling prices for items including gasoline and used cars: The index, which captures price changes across a basket of consumer goods and services, fell 0.1%, following an increase by the same amount in
. Over the past 12 months ending in December, the index is up 6.5%, falling from 7.1% through November.0.3% last month. Over the last 12 months through December, the index rose 5.7%. In November, those figures were 0.2% and 6%, respectively.: The hot inflation that persisted through much of last year continues to show signs of receding — offering at least some relief for shoppers, the White House and the Federal Reserve, though some underlying inflation pressure remains.
As consumers shifted spending and supply chains began to heal, price increases for a range of goods have cooled or, in some cases, costs have fallen outright.: The Federal Reserve, which has been raising interest rates aggressively to tame inflation, is watching the services sector closely, where inflation can be more challenging to stamp out.
A sub-index measuring price moves within the services category accelerated by 0.4%, after two straight months of cooler readings
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