Today, Thursday, January 12, 2023, the U.S. Bureau of Labor Statistics released its latest report on the Consumer Price Index (CPI) for All Urban Consumers. If you’re unaware, the report provides insight into the changes in prices of goods and services that Americans purchase on a regular basis.
This report is a key indicator of inflation and can have a significant impact on financial markets and interest rates. In this article, we will take a closer look at the December 2022 numbers. As well as analyze the overall trend in prices over the past year.
Consumer Price Index (CPI) Report & CPI Data For December 2022
The Consumer Price Index (CPI) for All Urban Consumers in the United States saw a decrease of 0.1% in December, on a seasonally adjusted basis, according to a report by the U.S. Bureau of Labor Statistics. This follows a 0.1% increase in November.
The decrease in the CPI can be largely attributed to a significant drop in the price of gasoline. Which more than offset increases in other areas such as shelter. The food index also saw a small increase of 0.3% for the month, with the food-at-home index rising by 0.2%. Meanwhile, the energy index saw a decrease of 4.5% for the month, with the gasoline index leading the decline.
However, not all areas saw a decrease in prices. The index for all items less food and energy, which excludes the cost of food and energy from the calculation, saw an increase of 0.3% in December. This comes following a 0.2% increase in November. Other areas that saw an increase in prices included shelter, household furnishings and operations, motor vehicle insurance, recreation, and apparel. On the other hand, the indexes for used cars and trucks, and airline fares saw a decrease in prices over the month.
Looking at the past 12 months, the all-items index saw an overall increase of 6.5%. This is the smallest 12-month increase since the period ending October 2021. The all items less food and energy index saw an increase of 5.7% over the last 12 months. The energy index increased by 7.3% and the food index increased by 10.4% over the last year. However, these increases are smaller compared to the 12-month period ending November 2021.
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In Summary
In conclusion, while the Consumer Price Index saw a decrease in December 2021, it is important to note that prices have still increased significantly over the past year. Factors such as a drop in gasoline prices and a small increase in food prices have contributed to the overall trend.
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