US inflation eases again for seventh consecutive month

Falling prices are welcome news, but latest reading is still far higher than the Federal Reserve's annual target rate of 2% inflation

US inflation continued to cool in January, rising at an annual rate of 6.4%, according to figures released by the Bureau of Labor Statistics.

The consumer price index (CPI) - which measures a basket of goods and services - has now fallen for seven consecutive months, down from a four-decade high of 9.1% last June, and down from an annual rate of 6.5% in December.