CPI increased 0.5% in December; Core CPI increased 0.6%

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by Calculated Risk on 1/12/2022 08:32:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5 percent
in December
on a seasonally adjusted basis after rising 0.8 percent in November,
the U.S. Bureau of Labor Statistics reported today. Over the last 12 months,
the all items index increased 7.0 percent before seasonal adjustment.

Increases in the indexes for shelter and for used cars and trucks were the
largest contributors to the seasonally adjusted all items increase. The food
index also contributed, although it increased less than in recent months,
rising 0.5 percent in December. The energy index declined in December, ending
a long series of increases; it fell 0.4 percent as the indexes for gasoline
and natural gas both decreased.

The index for all items less food and energy rose 0.6 percent in December
following a 0.5-percent increase in November. This was the sixth time in
the last 9 months it has increased at least 0.5 percent. Along with the
indexes for shelter and for used cars and trucks, the indexes for household
furnishings and operations, apparel, new vehicles, and medical care all
increased in December. As in November, the indexes for motor vehicle insurance
and recreation were among the few to decline over the month.

The all items index rose 7.0 percent for the 12 months ending December, the
largest 12-month increase since the period ending June 1982. The all items
less food and energy index rose 5.5 percent, the largest 12-month change
since the period ending February 1991
. The energy index rose 29.3 percent
over the last year, and the food index increased 6.3 percent.
emphasis added

Both CPI and core CPI were close to expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

This article appeared firshere

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