URGENT: US CPI 0.4% up in Dec ’24

The US Consumer Price Index (CPI) rose by 0.4 per cent in December 2024, following a 0.3 per cent increase in November, the Bureau of Labour Statistics reports. Over the past year, the CPI increased by 2.9 per cent, with energy prices contributing significantly to the rise, up by 2.6 per cent in December.

Gasoline prices saw a notable 4.4 per cent increase. Food prices also rose by 0.3 per cent, with both food at home and food away from home experiencing similar increases.

Excluding food and energy, the CPI increased by 0.2 per cent, slightly down from 0.3 per cent in previous months. Key contributors included higher costs in shelter, medical care, and motor vehicles. The energy index fell by 0.5 per cent year-on-year, driven by a 3.4 per cent drop in gasoline prices, though natural gas and electricity prices rose.

Food prices rose 2.5 per cent over the last year, with notable increases in meats, poultry, fish, and eggs, while nonalcoholic beverages declined. The shelter index increased by 4.6 per cent over the past year, with a notable rise in motor vehicle insurance (11.3 per cent). The CPI for Urban Wage Earners rose by 2.8 per cent over the last year, while the Chained CPI for All Urban Consumers increased by 2.7 per cent.

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser