US inflation is slowing down albeit at a snail’s pace.

For the seventh consecutive month the inflation rate fell to 6.4% in January, a 0.1% drop from December. While this is the lowest reading since October 2021 – and far lower than a peak of 9.1% last summer – January’s cooling is more modest than market forecasts of 6.2%.

Oil and electricity prices saw the biggest falls, as did the prices of used cars and trucks. However, services inflation showed little sign of easing while the cost of food and natural gas rose. So did the cost of gasoline, which jumped 1.5%, reversing a 1.5% decline in December.