Washington, Jumada I 17, 1437, Feb 26, 2016, SPA -- U.S. consumer spending rose in January at the fastest pace in eight months, while personal income increased by the largest amount since last June, the government reported Friday. The Commerce Department said consumer spending rose 0.5 percent last month, up sharply from 0.1 percent growth in December. Incomes also increased 0.5 percent in January, up from a 0.3 percent gain the previous month. A key price gauge in the report was up 1.3 percent in January from a year earlier, nearly double the 0.7 percent advance seen in December. The Federal Reserve (Fed) says an acceleration of inflation will be a key factor determining the pace of future interest-rate increases. Consumer spending accounts for more than two-thirds of U.S. economic activity, and the solid performance is likely to increase expectations that consumers will fuel overall economic growth in the current quarter. A separate government report earlier Friday showed the economy grew at an annual rate of 1 percent in the final three months of 2015, a sharp slowdown from the 2 percent growth pace last summer but better than the departments initial estimate of 0.7 percent. Economists believe stronger consumer spending will lift gross domestic product (GDP) growth to around 2 percent in the January-March quarter. --SPA 20:39 LOCAL TIME 17:39 GMT www.spa.gov.sa/w