WASHINGTON — The U.S. December consumer price index report was favorable, though at this point government officials are probably worried about falling inflation spilling from the energy sector into other areas.

December CPI printed down 0.7%, with core flat. Overall CPI gained 0.1% over the year — its slowest since 1954 when CPI was 0.7% lower over the year — and core was up 1.8% over the year.

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