US consumer prices grow at swiftest rate since 2012

US consumer prices climbed in January at the quickest pace in almost five years, underscoring the mounting inflationary pressure across the economy.

The consumer price index was 2.5 per cent higher in January than the same month in 2016, up from a 2.1 per cent rate in December. The core index that excludes volatile food and energy prices was up by 2.3 per cent, from 2.2 per cent in the previous month.

Economists expected the headline index to rise at a 2.4 per cent rate, and the core index to climb at a 2.1 per cent clip.