The cost of living in the U.S. was little changed in January for a second month as a drop in energy costs made up for gains in other goods and services. The unchanged reading in the consumer-price index compared with a 0.1 percent gain projected by the median estimate of economists surveyed by Bloomberg, figures from the Labor Department showed today in Washington. The so-called core measure, which excludes more volatile food and energy costs, increased by the most in more than a year, pushed up by gains in clothing, hotel rates and airline fares. Fuel costs have climbed this month after an increase in the payroll tax also took a bite out of take-home pay, which may prompt households to rein in purchases and cause companies like Ruth’s Hospitality Group Inc. (RUTH) to hold the line on prices. Joblessness at 7.9 percent may also restrain wage gains, providing a further check on inflation that will give the Federal Reserve room to maintain monetary stimulus. “Inflation is steady as she goes,� Omair Sharif, a U.S. economist at RBS Securities Inc. in Stamford, Connecticut, said before the report. Sharif was the top forecaster of core price inflation in the two years through December, according to data compiled by Bloomberg. “For the most part, inflation pressures won’t be significantly worse for consumers than they were in 2012.� Consumer-price index estimates in the Bloomberg survey of the 84 economists ranged from a drop of 0.1 percent to a gain of 0.4 percent. Jobless Claims More Americans filed applications for unemployment benefits last week, returning to levels seen prior to the holiday period and indicating little change in the pace of firings. Jobless claims increased by 20,000 to 362,000 in the week ended Feb. 16, the Labor Department reported today in Washington. The median forecast of 48 economists surveyed by Bloomberg called for an increase to 355,000. The number of applications in three states and the District of Columbia were estimated because of the holiday-shortened week, a Labor Department spokesman said as the data was released. Compared with a year earlier, consumer prices rose 1.6 percent in January, the smallest 12-month gain since July, today’s report showed. They climbed 1.7 percent in the 12 months ended December. The 0.3 percent increase in the core reading was the biggest since May 2011 and followed a 0.1 percent gain in December. Economists projected a 0.2 percent pick-up. Core prices rose 1.9 percent for the year through January, the same as in December. To contact the reporter on this story: Alex Kowalski in Washington at akowalski13@bloomberg.net To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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