Market Updates
Consumer Price Inflation Accelerated In December
Brian Turner
11 Jan, 2024
New York City
The consumer price index advanced to 3.4% in December, from a five-month low of 3.1% in November, the U.S. Bureau of Labor Statistics reported Thursday.
Over half of the increase in inflation was driven by a rise in shelter prices, and the index for shelter rose at 6.2% compared to 6.5% in the previous month.
The slower decline in energy prices by 2.0% compared to 5.4% fall in November, supported the rebound in inflation in the month.
Compared to November, consumer prices rose 0.3%, the largest increase in three months.
Annual core inflation, which excludes food and energy, eased to 3.9% in December from 4.0% in November, and monthly core inflation rose 0.3% in the month, matching the rate in the previous month.
The shelter inflation was the largest contributor to core inflation in the month, after prices rose at 0.5% in December, faster than 0.4% rise in the previous month.
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