Consumer Price Index Moves Higher in December

The Bureau of Labor Statistics (BLS) is reporting that the Consumer Price Index (CPI) for all Urban Consumers (CPI-U) prices increased 0.4% in December on a seasonally adjusted basis, after rising 0.2% in November. Over the last 12-months, before seasonal adjustment, the all-item index increased 1.4%. The seasonally adjusted increase in the all items index was driven by an 8.4% increase in the gasoline index, which accounted for more than 60% of the overall increase. The other components of the energy index were mixed, resulting in an increase of 4.0% percent for the month. The food index rose in December, as both the food at home and the food away from home indexes increased 0.4%. The index for all items less food and energy increased 0.1% in December after rising 0.2% in November.