Economy

Prices Rose 1.5 Percent Last Year; Retail Sales Jumped 7.9 Percent

Higher gasoline prices are largely responsible for a 0.5 percent increase in consumer prices last month from November, the Bureau of Labor Statistics just reported.

For all of 2010, BLS added, prices rose 1.5 percent.

Also just in, from the Census Bureau: Retail sales were up 0.6 percent in December from November and rose 7.9 percent last year. Though sales were up less than expected in December, Bloomberg News says, the gain for the year was the largest in more than a decade.

Update at 9:45 a.m. ET. Another economic indicator: Industrial production rose 0.8 percent in December from November, the Federal Reserve says. For the year, it was up 5.9 percent.

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