US Annual Inflation Rate Slows to 6.5 Percent; Food and Shelter Costs Add to Price Pressures

A shopper is seen past a sign displaying the price per pound of russet potatoes at a supermarket in Montebello, Calif., on Aug. 23, 2022. Frederic J. Brown/AFP via Getty Images

The U.S. annual inflation rate slowed to 6.5 percent in December 2022, from 7.1 percent in November 2022, according to the Bureau of Labor Statistics. The consumer price index dipped by 0.1 percent month over month.

The core inflation rate, which excludes the volatile food and energy sectors, eased to 5.7 percent last month, from 6 percent in the previous month.