By Tom Burnett CFA
On January 12, 2023, the Bureau of Labor Statistics released its Consumer Price Index report for December 2022. The CPI fell by 0.1 %, the lowest reading in more than 13 months. Over the past six months, the average monthly increase has been 0.15% with the highest readings in September and October at 0.4%. The Index rose by 6.5% over the 12 months ending in December, the smallest 12-month increase since the period ending October 2021.
The Core Index, excluding food and energy, rose 0.3% in December and by 5.7% in the 12 month period. The energy index rose by 7.3% in the 12 months while the food index increased by 10..4%. Both of those increases were smaller than 12-month increases reported for November. The 5.7% increase for the 12-month period was the smallest increase since December 2021.
The next CPI report will be issued on February 14, 2023.
Tom Burnett CFA is Director of Research