US December Inflation Sees Further Increase, Highest Since 1982
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The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% month-to-month in December. This is a decrease in growth from November’s 0.8% figure. Year-on-year, the index rose by 7%, the largest 12-month increase since June 1982.
The monthly changes for each index are as follows:
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Food: +0.5%
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Energy: -0.4%
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All items less food and energy: -0.6%
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Shelter: +0.4%
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Used cars and trucks: +3.5%
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New Vehicles: +1.0%
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Motor vehicle insurance: -1.5%
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Household furnishings: +1.1%
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Apparel: 1.7%
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Medical care: +0.3%
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Airline Fares: +2.7%
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Personal care: +0.5%
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Tobacco: +0.7%
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Education: 0.1%
Shelter and used cars and tracks contributed the most to the increases with food prices also playing a part with a 0.5%. The energy index declined slightly in December following a long series of increases. Other indexes including household furnishings and operations, apparel, new vehicles, and medical care also increased in December while motor vehicle insurance and recreation were among the few to see a decline.
The energy index has risen 29.3% year-on-year while the food index has increased by 6.3% over the same period.
Bar chart showing one month percent change in CPI for All Urban Consumers (CPI-U), seasonally adjusted. Source: US Bureau of Labor Statistics.
Line graph showing 12-month percent change in CPI for All Urban Consumers (CPI-U), not seasonally adjusted. Source: US Bureau of Labor Statistics.
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