Consumer Price Index Updates – December 2024
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent on a seasonally adjusted basis in December, after rising 0.3 percent in November, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.9 percent before seasonal adjustment. The index for energy rose 2.6 percent in December, accounting for over forty percent of the monthly all items increase. The gasoline index increased 4.4 percent over the month. The index for food also increased in December, rising 0.3 percent as both the index for food at home and the index for food away from home increased 0.3 percent each.
The index for all items less food and energy rose 0.2 percent in December, after increasing 0.3 percent in each of the previous 4 months. Indexes that increased in December include shelter, airline fares, used cars and trucks, new vehicles, motor vehicle insurance, and medical care. The indexes for personal care, communication, and alcoholic beverages were among the few major indexes that decreased over the month.
The all items index rose 2.9 percent for the 12 months ending December, after rising 2.7 percent over the 12 months ending November. The all items less food and energy index rose 3.2 percent over the last 12 months. The energy index decreased 0.5 percent for the 12 months ending December. The food index increased 2.5 percent over the last year.

Food
The index for food increased 0.3 percent in December, after rising 0.4 percent in November. The food at home index also rose 0.3 percent over the month. Four of the six major grocery store food group indexes
increased in December. The index for cereals and bakery products rose 1.2 percent over the month, after falling 1.1 percent in November. The meats, poultry, fish, and eggs index increased 0.6 percent in
December, as the eggs index rose 3.2 percent. The index for other food at home rose 0.3 percent over the month and the index for dairy and related products increased 0.2 percent.
The nonalcoholic beverages index fell 0.4 percent in December, after rising 1.5 percent the previous month. The index for fruits and vegetables declined 0.1 percent over the month, after rising 0.2 percent
in November. The food away from home index rose 0.3 percent in December, as it did in November. The index for limited service meals rose 0.4 percent over the month and the index for full service meals rose 0.2 percent.
The index for food at home rose 1.8 percent over the last 12 months. The meats, poultry, fish, and eggs index rose 4.2 percent over the last 12 months and the nonalcoholic beverages index increased 2.3
percent. Over the same period, the index for other food at home rose 0.8 percent and the index for fruits and vegetables increased 1.0 percent. The dairy and related products index increased 1.3 percent over the year and the cereals and bakery products index rose 0.8 percent over the same period.
The food away from home index rose 3.6 percent over the last year. The index for limited service meals increased 3.7 percent over the last 12 months and the index for full service meals rose 3.6 percent over
the same period.
Energy
The energy index increased 2.6 percent in December, after rising 0.2 percent in November. The gasoline index increased 4.4 percent over the month. (Before seasonal adjustment, gasoline prices decreased 1.1
percent in December.) The natural gas index rose 2.4 percent over the month and the index for electricity rose 0.3 percent in December.
The energy index decreased 0.5 percent over the past 12 months. The gasoline index fell 3.4 percent over this 12-month span and the fuel oil index fell 13.1 percent over that period. In contrast, the index
for electricity increased 2.8 percent over the last 12 months and the index for natural gas rose 4.9 percent.
All items less food and energy
The index for all items less food and energy rose 0.2 percent in December, after rising 0.3 percent in each of the 4 preceding months. The shelter index increased 0.3 percent in December, as it did in
November. The index for owners’ equivalent rent also rose 0.3 percent over the month, as did the index for rent. The lodging away from home index fell 1.0 percent in December, after rising 3.2 percent in
November.
The medical care index increased 0.1 percent over the month, after rising 0.3 percent in October and November. The index for physicians’ services increased 0.1 percent in December and the index for
hospital services rose 0.2 percent over the month. The prescription drugs index was unchanged in December.
The airline fares index rose 3.9 percent in December, after rising 0.4 percent in the previous month. The index for used cars and trucks rose 1.2 percent over the month and the index for new vehicles increased
0.5 percent. Other indexes that increased in December include motor vehicle insurance, recreation, apparel, and education. In contrast, the index for personal care fell 0.2 percent in December after rising
0.4 percent in November. The indexes for communication and alcoholic beverages also declined over the month. The household furnishings and operations index was unchanged in December.
The index for all items less food and energy rose 3.2 percent over the past 12 months.
The shelter index increased 4.6 percent over the last year, the smallest 12-month increase since January 2022. Other indexes with notable increases over the last year include motor vehicle insurance (+11.3 percent), medical care (+2.8 percent), education (+4.0 percent), and recreation (+1.1 percent).

Article courtesy of the United States Bureau of Labor Statistics.