January 2023
The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.1 percent in December on a seasonally adjusted basis, after increasing 0.1 percent in November. The index for gasoline was by far the largest contributor to the monthly all items decrease, more than offsetting increases in shelter indices. The food index increased 0.3 percent with the food at home index rising 0.2 percent. The energy index decreased 4.5 percent as the gasoline index declined. Other major energy component indexes increased over the month. The index for all items less food and energy rose 0.3 percent in December, after rising 0.2 percent in November. Indices which increased in December include the shelter, household furnishings and operations, motor vehicle insurance, recreation, and apparel indices. The indices for used cars and trucks and for airline fares were among those that decreased.
The all items index increased 6.5 percent for the 12 months ending December; this was the smallest 12 month increase since the period ending October 2021. The all items less food and energy index rose 5.7 percent. The energy index increased 7.3 percent, and the food index increased 10.4 percent; all of these increases were smaller than for the 12 month period ending November.
