US Inflation Hits 2.9% on 12-Month Basis, Consumer Prices Climb 0.2% in January 2012

US inflation ticked higher in January as Americans paid more at the pump for the first time in four months, government data released on Friday revealed. However, consumer prices dipped a bit over the past year as compared to the previous 12-months ending in December.

Consumer prices rose 0.2 percent in January, marking the biggest jump since September and coming on the heels of two straight flat monthly readings.

Food and energy costs are among the items that drove US inflation higher as both of the government-watched indexes advanced 0.2 percent in January. The increase for food actually matched the previous month. However, energy prices tumbled 1.3 percent in December and the change into January accounted for a more noticeable burden on the wallet. Advances occurred in other areas as well, the government noted. Continue reading