January 11, 2024
In December, the Consumer Price Index for All Urban Consumers (CPI-U) in the United States rose by 0.3 percent on a seasonally adjusted basis, following a 0.1 percent increase in November. Over the past 12 months, the all items index showed a 3.4 percent increase before seasonal adjustment.
The upward movement was largely driven by a continued rise in the shelter index, which contributed to more than half of the overall monthly increase. Additionally, the energy index increased by 0.4 percent, driven by higher electricity and gasoline prices, although it was partially offset by a decrease in the natural gas index. The food index also saw a 0.2 percent increase in December, mirroring the November trend, with the food at home index rising by 0.1 percent and the food away from home index increasing by 0.3 percent.
In December, the all items index less food and energy saw a 0.3 percent increase, mirroring the same monthly rise observed in November. Key contributors to this uptick included increased indexes for shelter, motor vehicle insurance, and medical care. On the other hand, the indexes for household furnishings and operations, as well as personal care, experienced decreases over the month.
In the 12 months ending in December, the all items index rose 3.4 percent, surpassing the 3.1 percent rise observed for the 12 months ending in November. Meanwhile, the all items less food and energy index rose by 3.9 percent over the last 12 months, slightly lower than the 4.0 percent increase recorded for the 12 months ending in November. During the same period, the energy index decreased by 2.0 percent, contrasting with a 2.7 percent increase in the food index over the last year.
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