US CPI unchanged at 2.7% in December

(Sharecast News) - US inflation was unchanged month-on-month in December at 2.7%, according to official data published on Tuesday, well above the Federal Reserve's target of 2%.

Food and housing costs remained elevated, contradicting US President Donald Trump's claim that he was lowering prices for American consumers.

Core inflation - which strips out volatile food and energy prices - was 2.6%. November's number was lower due to incomplete data collection after the Federal government shutdown.

The Bureau of Labor Statistics said housing costs - known as shelter - was the biggest contributor to cost of living increases last month.

"The index for shelter rose 0.4% in December and was the largest factor in the all-items monthly increase. The food index increased 0.7% over the month as did the food at home index and the food away from home index. The index for energy rose 0.3% in December," it added.

Reporting by Frank Prenesti for Sharecast.com