Updated: 15-Jan-25 13:03 ET
| December CPI |
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| Updated: 15-Jan-25 13:03 ET |
Highlights
- Total CPI increased 0.4% month-over-month in December. That was a tad higher than the Briefing.com consensus estimate, but in-line with consensus estimates seen elsewhere.
- Core CPI, which excludes food and energy, jumped 0.2% month-over-month, which was in-line with the Briefing.com consensus estimate and slightly better than the consensus estimates seen elsewhere.
- On a year-over-year basis, total CPI was up 2.9% versus 2.7% in November while core CPI was up 3.2% versus 3.3% in November.
Key Factors
- The food index increased 0.3% month-over-month and was up 2.5% year-over-year.
- The energy index umped 2.6% month-over-month and was down 0.5% year-over-year.
- The shelter index increased 0.3% month-over-month for the second straight month and was up 4.6% year-over-year (versus 4.7% in November).
- The used cars and trucks index rose 1.2% month-over-month and was down 3.3% year-over-year.
- The apparel index increased 0.1% month-over-month and was up 1.2% year-over-year.
- The services index was up 4.4% year-over-year (services less rent of shelter was up 4.0% versus 4.1% in November).
- The all items index less shelter was up 1.9% year-over-year.
Big Picture
- The key takeaway from the report for a market worried about inflation heating up again is that these results were better than feared which, at first blush, shrouded the reality that the consumer inflation rate is still running well above the Fed's 2% target (albeit a target tied to the PCE Price Index).
| Category | DEC | NOV | OCT | SEP | AUG |
| All Items | 0.4% | 0.3% | 0.2% | 0.2% | 0.2% |
| Food and Beverages | 0.3% | 0.4% | 0.2% | 0.4% | 0.1% |
| Housing | 0.3% | 0.3% | 0.4% | 0.2% | 0.3% |
| Equivalent Rent | 0.3% | 0.2% | 0.4% | 0.3% | 0.5% |
| Apparel | 0.1% | 0.2% | -1.5% | 1.1% | 0.3% |
| Transportation | 1.4% | 0.4% | 0.3% | -0.2% | 0.1% |
| Vehicles | 0.5% | 0.9% | 0.7% | 0.3% | -0.2% |
| Motor Fuel | 4.4% | 0.6% | -0.9% | -4.1% | -0.6% |
| Medical Care | 0.1% | 0.3% | 0.3% | 0.4% | -0.1% |
| Educ and Commun | 0.0% | -0.4% | -0.3% | 0.0% | 0.1% |
| Special Indices | |||||
| Core | 0.2% | 0.3% | 0.3% | 0.3% | 0.3% |
| Energy | 2.6% | 0.2% | 0.0% | -1.9% | -0.8% |
| Services | 0.3% | 0.3% | 0.4% | 0.4% | 0.3% |
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