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January 11, 2024US CONSUMER PRICE INDEX, DECEMBER 2023 AND 2023 ANNUAL The United States Consumer Price Index (not seasonally adjusted) for All Urban Consumers increased 3.4% year-over-year in December 2023. Compared to December 2022, prices were higher in food (+2.7%), shelter (+6.2%) and Transportation (+9.7%), and lower in energy (-2.0%). Notable increases over December 2022 were reported for motor vehicle insurance (+20.3%), recreation (+2.7%), personal care (+5.0%), and education (+2.4%).
The month-over-month (seasonally adjusted) change in the CPI was +0.3% in December 2023, following +0.1% in November. Over the past month shelter continued to rise (+0.4%) marking the 44th consecutive month of growth. Shelter accounted for over half of the monthly all-item CPI growth in December. The food index increased 0.2% compared to the previous month. Energy prices rose 0.4% over November with increases in electricity and gasoline offsetting declines in natural gas.
The CPI excluding food and energy rose 3.9% compared to December 2022, down slightly from 4.0% growth in the previous month. The CPI excluding food and energy index was up 0.3% compared to November 2023.
On an annual basis, the consumer price index rose 4.1% on average in 2023. US inflation has been faster than inflation in Canada or Nova Scotia since 2020, with the differences in annual price growth narrowing in 2023.
Note:
Canada and Nova Scotia December and annual 2023 CPI figures will be released on January 16, 2024.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from Federal Reserve Bank of St. Louis using the FRED API.
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