Consumer Price Index Increases 0.5% in December and 7.0% Year-Over-Year

The U.S. Bureau of Labor Statistics (BLS) reported on Wednesday (1-12-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% in December on a seasonally adjusted annual basis. This follows a 0.8% increase in November and a 0.9% increase in October. Over the past 12-months, the all-item index has increased 7.0% before seasonal adjustment — the largest 12-month increase since the period ending June 1982.

The index for food rose 0.5% in December following larger increases in each of the three previous months. The index for food at home increasing 0.4% in December after rising 0.8% in November.

The energy index declined -0.4% in December, ending a long series of increases thanks to decreases in both gasoline and natural gas.

The index for all items less food and energy rose 0.6% in December following a 0.5% increase in November and a 0.6% increase in October.

The all-items index rose 7.0% for the 12-months ending in December, compared to a 6.8% year-over-year increase in November and a 6.2% rise for the same period of time ending in October. The index for all items less food and energy rose 5.5% over the last 12 months — the largest 12-month change since February 1991. The energy index rose 29.3% over the last year, while the food index increased 6.3%.