Americans are getting some relief from lower gasoline prices, which the latest inflation data from the Labor Department shows have declined substantially over the last year.
The Bureau of Labor Statistics on Friday released the consumer price index (CPI) for January, which showed headline inflation was up 2.4% from a year ago, while core CPI, which excludes volatile measurements of food and energy, was up 2.5% in that period.
Energy prices fell 1.5% in January and have been largely flat over the last year, down just 0.1% in that period, with much of the downward pressure coming from falling gas prices.
The index for all types of gasoline showed prices fell 3.2% in the month of January and are down 7.5% in the last year, according to the BLS data.