Total CPI increased 0.4% m/m in December (Briefing.com consensus 0.4%) while core CPI increased 0.1% m/m (Briefing.com consensus 0.1%).
The uptick in total CPI was driven largely by an 8.4% increase in the gasoline index, which accounted for more than 60% of the overall increase.
The food and food away from home indexes both jumped 0.4%.
The energy index was up 4.0%.
The shelter index rose 0.1%.
The apparel index increased 1.4%, yet the indexes for used cars and trucks, transportation services, and medical care services declined 1.2%, 0.1%, and 0.1%, respectively.
The key takeaway from the report is that it won't trigger inflation alarm bells in an aggregate sense. Total CPI is up just 1.4% yr/yr, versus 1.2% in November, while core CPI held steady at 1.2% yr/yr for the third straight month. The latter views notwithstanding, inflation worries -- both real and imagined -- promise to be a pressing issue throughout the year.DEC | NOV | OCT | SEP | AUG | |
---|---|---|---|---|---|
All Items | 0.4% | 0.2% | 0.0% | 0.2% | 0.4% |
Food and Beverages | 0.3% | -0.1% | 0.2% | 0.0% | 0.1% |
Housing | 0.2% | 0.3% | 0.1% | 0.1% | 0.2% |
Equivalent Rent | 0.1% | 0.0% | 0.2% | 0.1% | 0.1% |
Apparel | 1.4% | 0.9% | -1.2% | -0.5% | 0.6% |
Transportation | 1.4% | 0.3% | 0.0% | 1.0% | 1.3% |
Vehicles | -0.4% | 0.0% | 0.4% | 2.5% | 1.9% |
Motor Fuel | 8.4% | -0.4% | -0.5% | 0.1% | 2.0% |
Medical Care | -0.2% | -0.1% | -0.3% | 0.0% | 0.1% |
Educ and Commun | 0.1% | 0.0% | 0.1% | -0.2% | 0.1% |
Special Indices | |||||
Core | 0.1% | 0.2% | 0.0% | 0.2% | 0.4% |
Energy | 4.0% | 0.4% | 0.1% | 0.8% | 0.9% |
Services | 0.1% | 0.3% | 0.1% | 0.1% | 0.1% |