U.S. consumer prices rose 0.5 percent
in January, reflecting the largest energy-cost jump since the
Iraq War started, a government report showed. Prices excluding
food and energy gained 0.2 percent, suggesting inflation remains
subdued.
The increase in the price index last month followed a rise
of 0.2 percent in December, the Labor Department said in
Washington. The so-called core index, excluding volatile food and
energy prices, climbed 0.1 percent the month before.
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Energy prices last month surged as winter weather spurred
demand and supplies dwindled. The core index gained 1.1 percent
in 2003, the smallest annual increase in 43 years, as unused
capacity, productivity gains and competition held down prices and
spurred discounting by companies including automaker General
Motors Corp. and retailer Sears, Roebuck & Co.
Bloomberg News
