US inflation fell more than expected to 2.4 per cent in January, prompting investors to inch up bets on interest rate cuts from the Federal Reserve as price pressures ease in the world’s biggest economy.
Friday’s figure from the Bureau of Labor Statistics was down from a year-on-year pace of 2.7 per cent in December and below the 2.5 per cent expected in a Bloomberg poll of economists.
A drop in petrol prices and a deceleration in housing-related costs helped to temper the number. Core inflation, which strips out volatile food and energy prices, fell to its lowest level in almost five years.
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