January 15, 2025
The U.S. Bureau of Labor Statistics announced that the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.4% on a seasonally adjusted basis in December, following a 0.3% increase in November. Over the past 12 months, the all items index surged by 2.9% before seasonal adjustment.
In December, the energy index rose by 2.6%, contributing to over forty percent of the rise in the all-items index. The gasoline index increased by 4.4%, while the food index rose by 0.3%, with both the food at home and food away from home indexes increasing by 0.3%.
Excluding food and energy, the CPI-U for all other items climbed by 0.2% in December, after increasing by 0.3% in each of the previous four months. Notable contributors included shelter, airline fares, used cars and trucks, new vehicles, motor vehicle insurance, and medical care, while the indexes for personal care, communication, and alcoholic beverages decreased.
Over the 12 months ending in December, the all-items index rose by 2.9%, up from a 2.7% increase over the 12 months ending in November. The index for all items less food and energy increased by 3.2%, while the energy index decreased by 0.5%, and the food index rose by 2.5%.
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