Consumer Price Index Increases 0.3% in December; All-Item Index Up 3.4% Year-Over-Year

The US Bureau of Labor Statistics (BLS) on Thursday (1-11-24) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in December on a seasonally adjusted basis, after rising 0.1% in November. Over the past 12 months, the all-item index increased 3.4% before seasonal adjustment.

According to the BLS, the index for shelter continued to rise in December, contributing to more than half of the monthly all items increase. The energy index increased 0.4% over the month as increases in the electricity and gasoline indexes more than offset a decrease in the natural gas index. The food index increased 0.2% in December, as it did in November. The index for food at home increased 0.1% over the month, while the index for food away from home climbed 0.3%.

The index for all items less food and energy increased 0.3% in December, the same monthly increase as in November. Other indexes that increased in December included shelter, motor vehicle insurance, and medical care. The index for household furnishings and operations and the index for personal care were among those that declined in December.

The all-items index increased 3.4% for the 12 months ending in December, a larger increase than the 3.1% increase posted for the 12 months ending in November. The all items less food and energy index rose 3.9% over the last 12 months, after rising 4.0% over the 12 months ending in November. The energy index decreased 2.0% for the 12 months ending in December, while the food index increased 2.7% over the same period.