Economic Buzz: US consumer prices rise 0.3% in December

Consumer prices in the U.S. increased in line with economist estimates in the month of December, according to a report released by the Labor Department on Tuesday.

The Labor Department said its consumer price index climbed by 0.3 percent in December. Excluding food and energy prices, core consumer prices rose by 0.2 percent in December.

The report also said the annual rate of growth by consumer prices came in at 2.7 percent in December, unchanged from November and in line with estimates.

The annual rate of growth by core consumer prices was also unchanged from the previous month at 2.6 percent.

The Labor Department said the largest factor in the monthly increase by consumer prices was the 0.4 percent growth in prices for shelter.

Prices for food also advanced by 0.7 percent during the month of December, while prices for energy rose by 0.3 percent.

The uptick by core prices reflected the increase in shelter costs as well as higher prices for recreation, airline fares, medical care, apparel, personal care, and education.

Meanwhile, the report said prices for communication, used cars and trucks and household furnishings and operations were among those that decreased in December.

Powered by Commodity Insights