US annual inflation falls to 6.5% in December

Consumer inflation in the United States slipped in December to the lowest level in over a year, government data showed on Thursday, signaling the worst of red-hot price increases may be over.

The consumer price index (CPI) rose 6.5 per cent from a year ago, the smallest increase since October 2021 and slowing from November's 7.1 per cent spike, said the Labour Department.