CPI: Inflation Rate Ticks Up To 1.5%

By: By Annalyn Censky, CNN staff reporter
By: By Annalyn Censky, CNN staff reporter

NEW YORK (CNNMoney) -- Consumer prices rose last month, led by surging gas prices, the government said Friday.

The Consumer Price Index, a key measure of inflation, increased 1.5% over the past 12 months ending in December, up from 1.1% in November, the Bureau of Labor Statistics said.

On a monthly basis, CPI rose 0.5% in December, marking a significant pick-up from the 0.1% growth seen in the previous month, and the largest move since June 2009. Economists surveyed by Briefing.com had expected a 0.4% rise in December.

The more closely watched core CPI, which strips out volatile food and energy prices, rose 0.8% over the year, and 0.1% during the month, in line with economists' forecasts.

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