The consumer price index increased 1.5 percent in December, pushed upward by a rebound in energy prices.
Energy prices rose 2.1 percent in December after declines in October and November. Following a 1.6 percent decrease in November, gas prices rose 3.1 percent. Oil and electricity prices rose 2.4 percent and 0.4 percent, respectively. Natural gas prices, however, posted a 0.4 percent decrease—its third consecutive decrease.
Food prices edged up slightly by 0.1 percent in December. The all items index rose 1.5 percent over the last year, surpassing year-over-year changes in October and November.
“On a year-over-year basis, core CPI held fairly steady at 1.7 percent, relatively unchanged over the previous eight months,” Doug Christman, a research assistant at the National Association of Federal Credit Unions, said. “Both CPI and core CPI remain well below the Fed’s stated inflation target.”