Consumer Price Index: December Inflation By The Numbers
The Consumer Price Index has been put out by the Bureau of Labor Statistics each month since February 1921. It is a measure of the average change in the cost of goods for consumer goods and services. Indexes measure price changes in food, energy, cars, housing, travel expenses and more.
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Inflation rates for December 2022 came down 0.1%, dropping to 6.5% year over year. The energy prices dropping was the primary reason for the decline, while food, shelter and clothing prices continued to increase.
Here is a breakdown of inflation changes for December 2022:
| Index | Change Month Over Month | Change Year Over Year |
|---|---|---|
| All items | -0.1 | 6.5 |
| Food | 0.3 | 10.4 |
| Food at home | 0.2 | 11.8 |
| Food away from home(1) | 0.4 | 8.3 |
| Energy | -4.5 | 7.3 |
| Gasoline (all types) | -9.4 | -1.5 |
| Fuel oil(1) | -16.6 | 41.5 |
| Electricity | 1 | 14.3 |
| New vehicles | -0.1 | 5.9 |
| Used cars and trucks | -2.5 | -8.8 |
| Apparel | 0.5 | 2.9 |
| Shelter | 0.8 | 7.5 |
| Medical care services | 0.1 | 4.1 |
Take Our Poll: How Do You Think the Economy Will Perform in 2023?
Starting in January 2023 the BLS will change how it measures inflation using data from one year (2021) instead of the two-year model it has been using. The first report using this methodology will drop released on February 14.
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