Consumer Price Index - December 2024

Consumer Price Index – December 2024

Overview

The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.4 percent in December, seasonally adjusted. This follows a 0.3 percent increase in November. Over the last 12 months, the all items index increased by 2.9 percent before seasonal adjustment.

Key Points

  • Overall CPI Increase: The CPI-U rose by 0.4 percent in December (seasonally adjusted).
  • Year-Over-Year Increase: The all items index increased by 2.9 percent over the last 12 months (not seasonally adjusted).
  • Energy Sector Impact: The energy index rose significantly, contributing over forty percent of the monthly increase. Specifically, it rose by 2.6 percent in December.
  • Gasoline Prices: The gasoline index increased by 4.4 percent over the month.
  • Food Prices: The food index also increased, rising by 0.3 percent. Both food at home and food away from home saw a 0.3 percent increase.
  • All Items Less Food and Energy: This index rose by 0.2 percent in December, following a consistent increase of 0.3 percent in each of the previous four months.
  • Notable Increases: Indexes that showed increases in December include shelter, airline fares, used cars and trucks, new vehicles, motor vehicle insurance, and medical care.
  • Notable Decreases: Indexes that decreased in December include personal care, communication, and alcoholic beverages.

Detailed Analysis of Changes

  • 12-Month All Items Increase: The all items index rose by 2.9 percent for the 12 months ending in December, compared to a 2.7 percent increase for the 12 months ending in November.
  • 12-Month All Items Less Food and Energy Increase: This index rose by 3.2 percent over the last 12 months.
  • 12-Month Energy Index Decrease: The energy index decreased by 0.5 percent for the 12 months ending in December.
  • 12-Month Food Index Increase: The food index increased by 2.5 percent over the last year.

Charts Summary

  • Chart 1: Shows the one-month percent change in CPI-U, seasonally adjusted, from December 2023 to December 2024. The values fluctuate, with notable increases of 0.4 in December 2023, January, and February, then a decrease to -0.1, and ending with 0.3, and 0.4 in November and December 2024.
  • Chart 2: Shows the 12-month percent change in CPI-U, not seasonally adjusted, from December 2023 to December 2024. The all items index consistently increases and ends at roughly 3.0, while the all items less food and energy index also increases and ends at roughly 3.2.

Additional Categories (12-month percentage change)

  • All items
  • Food at home
  • Energy
  • Electricity
  • All items less food and energy
  • Apparel
  • Medical care commodities
  • Shelter
  • Education and communication
  • Food
  • Food away from home
  • Gasoline (all types)
  • Natural gas (piped)
  • Commodities less food and energy
  • New vehicles
  • Services less energy services
  • Medical care services