U.S. consumer prices were unchanged for a second consecutive month in January, held back by declining gasoline prices and flat food costs, the government reported Thursday. The Labor Department said its consumer price index (CPI) was unchanged, but excluding volatile energy and food costs, core CPI rose 0.3 percent, the biggest gain since mid-2011. Gasoline prices fell 3 percent in January after dropping 1.9 percent the previous month. However, retail gasoline prices have begun to rise in recent weeks. In the 12 months ending in January, consumer prices rose 1.6 percent, the smallest year-over-year gain since July. Core CPI rose 1.9 percent over the past 12 months, just below the Federal Reserve (Fed) target of 2 percent.
