Core inflation rate slows to 3.2% in December, less than expected
Source: CNBC
Published Wed, Jan 15 2025 8:32 AM EST Updated 25 Min Ago
Prices that consumers pay for a variety of goods and services rose again in December but closed out 2024 with some mildly better news on inflation, particularly on housing.
The consumer price index increased a seasonally adjusted 0.4% on the month, putting the 12-month inflation rate at 2.9%, the Bureau of Labor Statistics reported Wednesday. Economists surveyed by Dow Jones had been looking for respective readings of 0.3% and 2.9%.
However, excluding food and energy, the core CPI annual rate was 3.2%, a notch down from the month before and slightly better than the 3.3% forecast. The core measure rose 0.2% on a monthly basis, also 0.1 percentage point less than expected.
Much of the move higher in the CPI came from a 2.6% gain in energy prices for the month, pushed higher by a 4.4% surge in gasoline. That was responsible for about 40% of the index’s gain, according to the BLS. Food prices also rose, up 0.3% for the month. On an annual basis, food rose 2.5% in 2024 while energy nudged down by 0.5%.
Read more: https://www.cnbc.com/2025/01/15/cpi-inflation-december-2024-.html
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8:31 AM · Jan 15, 2025
Article updated.
Previous article -
Prices that consumers pay for a variety of goods and services rose again in December but closed out 2024 with some mildly better news on inflation.
The consumer price index increased 0.4% on the month, putting the 12-month inflation rate at 2.9%, the Bureau of Labor Statistics reported Wednesday. Economists surveyed by Dow Jones had been looking for respective readings of 0.3% and 2.9%.
However, excluding food and energy, the core CPI annual rate was 3.2%, a notch down from the month before and slightly better than the 3.3% forecast. The core measure rose 0.2% on a monthly basis, also 0.1 percentage point less than expected.
Much of the move higher in the CPI came from a 2.6% gain in energy prices for the month, pushed higher by a 4.4% surge in gasoline. That was responsible for about 40% of the index's gain, according to the BLS. Food prices also rose, up 0.3% for the month. On an annual basis, food rose 2.5% in 2024 while energy nudged down by 0.5%.
Original article -
Prices that consumers pay for a variety of goods and services rose again in December but closed out 2024 with some mildly better news on inflation.
The consumer price index increased 0.4% on the month, putting the 12-month inflation rate at 2.9%, the Bureau of Labor Statistics reported Wednesday. Economists surveyed by Dow Jones had been looking for respective readings of 0.3% and 2.9%.
However, excluding food and energy, the core CPI annual rate was 3.2%, a notch down from the month before and slightly better than the 3.3% forecast. The core measure rose 0.2% on a monthly basis, also 0.1 percentage point less than expected.
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