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January 12, 2022US CONSUMER PRICE INDEX, DECEMBER 2021 AND 2021 ANNUAL The United States Consumer Price Index for All Urban Consumers increased 7.0% year-over-year in December. This was above the 6.8% increase reported in November, and the largest 12-month increase since the period ending June 1982.
The seasonally adjusted monthly increase was 0.5%. The largest contributor to the monthly increase came from shelter and used cars and trucks. The energy index was down 0.4% in December after rising 3.5% in previous month. The food index increased 0.5% month-over-month while the shelter index rose 0.4%.
The index for all items less food and energy was up 5.5% from December 2020. This was the largest 12-month increase since the period ending February 1991. Over the past 12 months, the energy index was up 29.3% and the food index increased 6.3%.
On an annual basis, the consumer price index rose 4.7% on average in 2021. US inflation has been faster than inflation in Canada or Nova Scotia since 2020.
Note:
Canada and Nova Scotia December and annual 2021 CPI figures will be released on January 19, 2021.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis
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