Market Updates
Falling Gasoline Price Slowed Inflation In December, Housing Inflation Stays Elevated
Brian Turner
12 Jan, 2023
New York City
The Consumer Price Index inflation fell 0.1% in December from November and eased to 6.5% on an annual basis, the Bureau of Labor Statistics reported Thursday.
The inflation index declined for the first time since May 2020 and seems to have peaked at 9.1% in June 2020.
Energy prices rose 7.3% and food prices advanced 10.4% from a year ago and price increases for both categories were smaller than the rise in November.
Used vehicle prices declined 8.8% in December after falling at 3.3% in November and fell 2.5% from the previous month.
Gasoline prices at the pump stations in December declined 9.4% from the previous month and fell 1.5% from a year ago and fuel prices have declined in the last five of the last six months after reaching a peak in June 2022.
Core inflation, which excludes energy and food, accelerated to 0.3% from November and eased to 5.7% from a year ago.
Cost of shelter stayed elevated and increased 0.8% on a monthly basis and jumped 7.5% from a year ago.
Despite the easing of inflation, price increases are still significantly ahead of the Federal Reserve's target of 2%.
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