The Consumer Price Index for All Urban Consumers (CPI-U) edged up 0.4% in December on a seasonally adjusted basis, reported the US Bureau of Labor Statistics. This is a slight increase from the 0.2% rise seen in November.
Before seasonal adjustment, the all items index rose by 1.4%, over the past 12 month period.
(Source: US Bureau of Labor Statistics)
Energy Index
In December, the energy index increased by 4%, marking the seventh consecutive monthly percentage rise.
“The largest contribution to this increase was the gasoline index, which increased 8.4% in December after declining in the previous two months. Before seasonal adjustment, gasoline prices rose 3.4% in December,” reported the Bureau of Labor Statistics.
The electricity index also increased by 0.4%, while the natural gas index declined 0.8% for the month of December.
Over the last year, the index for energy decreased by 7%. The fuel oil index plummeted 20%, and likewise, gas prices plunged 15.2%. Conversely, the natural gas index rose 4.1%, and the index for electricity edged up 2.2% over the same 12-month period.
Food Index
The index for food rose 0.4% in December. The food at home index edged up 0.4%, as did the index for food away from home by 0.4%, while the major grocery store indexes were mixed.
Over the last 12-month period, the food at home index and the food away from home index both rose 3.9%. Additionally, all of the six major grocery store indexes saw percentage increases.
“The largest increase was the meats, poultry, fish, and eggs index which rose 4.6% as the beef index increased 5.3%. The smallest increases were for the cereals and bakery products and the fruits and vegetables indexes, which both increased 3.2% over the last 12 months,” explained the Bureau of Labor Statistics.
(Source: US Bureau of Labor Statistics)
All Items Less Food and Energy
In December, the index for all items less food and energy increased by 0.1%. Several of the component indexes all saw slight percentage increases for the month including the shelter index by 0.1%, and both the rent index and index for owners’ equivalent rent rose 0.1%.
Over the last 12 months, the all items less food and energy index increased 1.6%. The index for shelter edged up 1.8%. Component indexes that saw major percentage decreases were airline fares, apparel, motor vehicle insurance reported the US Bureau of Labor Statistics.
Source cited: https://www.bls.gov/news.release/archives/cpi_01132021.htm
Sarah has been writing on the topics of politics, history and finance for over a decade. She is currently an editor at CPI Inflation Calculator, covering the topics of CPI, inflation, US economy and economic commentary.
