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The data has been overtaken by a conflict that began when the U.S. and Israel attacked Iran on Feb. 28. Gas prices have jumped sharply and are expected to fuel higher costs broadly. 

The report suggests inflation could be cooling, but it comes after the cost of food, gas, and rents soared after the pandemic, with consumer prices about 25% higher than they were five years ago.

Consumer prices rose 0.3% in December from the prior month, the Labor Department said Jan. 13, the same as in November. Excluding food and energy, core prices rose 0.2%.

Economists have flagged the consumer price index and unemployment rate for October as those most likely at risk of not coming out due to how the data underpinning them is collected.

The figures show that inflation continues to rise more slowly than many economists expected when President Donald Trump imposed sweeping tariffs in April.

“Starting now, accuracy is getting worse,” Omair Sharif, president of Inflation Insights, said in an Oct. 9 interview, just over a week into the shutdown.

The reading is the last data the Federal Reserve will receive before its key meeting next week, when policymakers are widely expected to cut their short-term rate to about 4.1% from 4.3%.

The core consumer price index, excluding the often volatile food and energy categories, increased 0.3% from June, according to Bureau of Labor Statistics data out Aug. 12.

Inflation rose last month to its highest level in four months as the cost of gas, food and groceries rose, reversing several months of cooling price pressures.

Economists have long been warning of a tariff-driven boost to U.S. inflation. The next report on consumer prices will put their conviction to the test.