The Labor Department released a highly anticipated report on Friday showing consumer prices in the U.S. increased by slightly less than expected in the month of January.
The report said the consumer price index rose by 0.2 percent in January after climbing by 0.3 percent in December. Economists had expected prices to rise by another 0.3 percent.
The annual rate of growth by consumer prices slowed to 2.4 percent in January from 2.7 percent in December, below estimates of 2.5 percent.
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.