U.S. consumer-facing inflation increased 0.3% on a monthly basis December, higher than the 0.2% estimate consensus from economists and up from November’s 0.1%. That’s according to the latest Consumer Price Index from the Bureau of Labor Statistics.
On an annual basis, consumer inflation increased 3.4%, up from November’s 3.1%.
The CPI’s index for shelter continued to rise in December, contributing over half of the monthly all items index increase. The energy index rose 0.4% during the month as increases in the electricity and gasoline index more than offset a decrease in the natural gas index. The food index increased 0.2% in December — identical to November.
The index for all items less food and energy (known as ‘core inflation’) rose 0.3% in December — identical to November. Indexes that increased in December include shelter, motor vehicle insurance and medical care. The index for household furnishings and operations and the index for personal care were among those that decreased during the month.
On a year-over-year basis, December’s all items index rose 3.4%, up from November’s 3.1%. Core inflation rose 3.9% in December year-over-year, down slightly from the 4.0% of November and October. The energy index decreased 2.0% year-over-year, while the food index increased 2.7%.
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