ANKARA

The annual consumer inflation rate in the US accelerated to a five-month high of 2.9% in December, matching the market forecast, according to official data released on Wednesday.

Consumer prices index (CPI) rose at a faster pace for the third straight month in December from 2.7% in November.

The year-on-year decrease in energy prices slowed down significantly by 0.5% while food inflation rose slightly to 2.5%.

Excluding food and energy costs, the core inflation cooled to 3.2% on an annual basis and 0.2% monthly, both below estimates.

Although inflation has significantly decreased from its 40-year peak in mid-2022, it still exceeds the Federal Reserve's 2% annual target.

Month-on-month, the CPI climbed 0.4% in December, following November's 0.3% hike.