US consumer prices fell 0.1% in December 2022 but remain at record highs

US inflation eased slightly in December but ended 2022 with slightly higher inflation. According to Labor Department data released Thursday, the US consumer price index fell a very modest 0.1% in December.

A sharp decline in gasoline prices accounted for most of the slight decline in the index. Pump costs were down 9.4% month-on-month and are now 1.5% lower than the same period last year.