By Josh Boak/The Associated Press in The Orange County Register

February 19, 2016

WASHINGTON – U.S. consumer prices were unchanged in January, as the rising costs of housing and health care were largely offset by cheaper oil.

But the annual pace of inflation showed signs of acceleration. The Labor Department said Friday that prices have risen 1.4 percent over the past 12 months, compared to a year ago when annual inflation was close to zero. Consumer prices climbed at the fastest annual rate since October 2014.

The rising tempo for inflation follows a decision by the Federal Reserve in December to raise a key short-term interest rate for the first time in nearly a decade. But the turmoil in the stock and bond markets after the Fed rate hike suggested to many investors that inflation might barely budge amid a slowing global economy.

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