WASHINGTON - Consumer prices rose 0.4% in January as food prices increased by the largest amount in 28 months and gasoline prices gained for the seventh straight month, the Labor Department reported Thursday.
Core consumer prices, which exclude food and energy costs, increased 0.2% in January, the largest monthly increase since October 2009.
The gain in consumer prices matched a 0.4% increase in December, revised lower from a 0.5% increase reported last month. Core prices rose 0.1% in December.
January energy prices increased 2.1% as gasoline prices increased 3.5%. Food prices rose 0.5% for the month, the largest increase since September 2008. Food eaten at home, as opposed to restaurant meals, rose 0.7% in January, the largest gain since August 2008.
Economists expected prices would increase 0.4% and core prices would rise 0.1%, according to the median estimate from Thomson Reuters. For the 12 months ending in January, consumer prices increased 1.6%.
Among core goods, rent prices edged up 0.2% and airline fares increased 2.2%, the fifth consecutive monthly gain.
Core prices rose 1.0% over the last 12 months, the largest year-over-year gain since March.
