The major drivers of the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% on a seasonally adjusted basis in December, after increasing 0.3% in November. According to the latest report from the U.S. Bureau of Labor Statistics (BLS)
The energy index rose 2.6% in December, accounting for more than 40% of the month’s total increase across all items. The gasoline index increased 4.4% during the month.
The food index also rose 0.3% in December, as both the food at home index and the food away from home index increased 0.3% each.
The index for all items except food and energy rose 0.2% in December, after increasing 0.3% each month for the previous four months.
Indexes that rose in December include shelter, airfares, used cars and trucks, new vehicles, motor vehicle insurance, and medical care. Indexes for personal care, communication, and alcoholic beverages were among the few major indexes that declined during the month.
The all-items index rose 2.9% over the 12 months ending in December, after increasing 2.7% over the 12 months ending in November.
Items with the largest increases through November 2024:
– Transportation services, 7.3%
– Piped gas service, 4.9%
– Shelter, 4.6%
– Services less energy services, 4.4%
– Food away from home, 3.6%
– Medical care services, 3.4%
– Energy services, 3.3%
– All items less food and energy, 3.2%
– All items, 2.9%
– Electricity, 2.8%
– Food, 2.5%
– Food at home, 1.8%
– Apparel, 1.2%
– Medical care commodities, 0.5%
Items with the largest decreases through November 2024:
– Fuel oil, -13.1%
– Energy commodities, -3.9%
– Gasoline (all types), -3.4%
– Used cars and trucks, -3.3%
– Commodities less food and energy commodities, -0.5%
– Energy, -0.5%
– New vehicles, -0.4%
The U.S. Bureau of Labor Statistics reported that year-over-year inflation saw significant increases throughout the year:
– December (2024): 2.9%
– November: 2.7%
– October: 2.6%
– September: 2.4%
– August: 2.5%
– July: 2.9%
– June: 3.0%
– May: 3.3%
– April: 3.4%
– March: 3.5%
– February: 3.2%
– January: 3.4%
– December (2023): 3.4%
Image: DiarioNY
