Inflation rate ticks up in December despite high interest rates
Newsy
Consumer prices on goods and services increased 3.4% in 2023, with the rising cost of shelter hitting Americans the most.
The consumer price index, the top measure for inflation in the U.S., increased in December to 3.4% in the 12-month period ending in December, which was up from 3.1% in November. The Bureau of Labor Statistics released the updated consumer price index on Thursday.
The U.S. inflation rate remained relatively steady in the last half of 2023, staying between 3% and 3.7%. The U.S. inflation rate in December 2022 was 6.5%.
The consumer price index weighs the costs of goods based on their importance. Items like food, shelter and energy tend to be weighted more heavily.
The once sky-high inflation on food at the grocery store has cooled to near-normal levels. Food meant to be consumed at home has gone up 1.3% in the last year, the Bureau of Labor Statistics said.
Some common grocery staples, such as milk, fresh fruits and vegetables, coffee, and butter, were cheaper this December compared to last December.
