Jan. 15 (UPI) — The consumer price index, the cost shoppers pay for a wide range of goods and services, rose faster than expected in December but core items did not make the same jump, according to the latest report from the Labor Department released Wednesday.
The CPI leaped a seasonally adjusted 0.4% in December, above the 0.3% predicted by Dow Jones estimates. Over the past 12 months, the Labor Department said the CPI rose 2.9%, which matched Wall Street forecasts.
The core CPI rate, which excludes the more volatile food and energy costs, increased 0.2% for the month and 3.3% for the past 12 months. Both were slightly less than expected by Dow Jones.
“The index for energy rose 2.6% in December, accounting for over 40% of the monthly all items increase,” the Labor Department said. “The gasoline index increased 4.4% over the month. The index for food also increased in December, rising 0.3% as both the index for food at home and food away from home increased 0.3% each.”
The Labor Department said airline fares took one of the biggest one-month jumps in December, with costs rising 3.9% for the holiday travel season after increasing 0.4% in the previous month.
“The index for used cars and trucks rose 1.2% over the month and the index for new vehicles increased 0.5%,” the report said. “Other indexes that increased in December include motor vehicle insurance, recreation, apparel, and education.
The Labor Department said the shelter index increased 4.6% in 2024, marking its smallest 12-month increase since 2022. Motor vehicle insurance, however, jumped 11.3%.
