Consumer prices decreased 0.1 percent in December according to the latest read of the Consumer Price Index released on Thursday morning, but still advanced 6.5 percent over the last 12 months, in line with Wall Street expectations for the latest report on the costs paid by Americans,
As the Bureau of Labor Statistics explained in its release of December’s CPI, the index for gasoline was “by far the largest contributor to the monthly all items decrease” – a volatile index that is not expected to remain on a downward trajectory as spring and summer approach.
Other components in the energy index, however, continued their uphill climb in the last month of 2022 to take the full category to a 12-month increase of 7.3 percent. Read more…
