CPI Increase
In December 2023, the Consumer Price Index (CPI) saw a 0.3% increase on a seasonally adjusted basis, a slight uptick from November’s 0.1% rise. This brings the year-over-year CPI up by 3.4%, marking a notable increase compared to the previous year.
Shelter and Energy Costs
A significant contributor to this month’s CPI rise was the shelter index, accounting for over half of the all-items increase. Energy costs also edged up, with a 0.4% rise, driven by hikes in electricity and gasoline prices, despite a drop in natural gas costs. The food index saw a modest 0.2% rise, consistent with November’s trend.
Core CPI Stability
Stripping out food and energy, the core CPI rose by 0.3%, mirroring November’s movement. This stability in core CPI reflects a balance between rising indexes like shelter, motor vehicle insurance, and medical…
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