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Financial News: U.S. Consumer Prices Rise Slightly More Than Expected

U.S. Consumer Prices Rise Slightly More Than Expected In December

01/12/2022 - 08:39:00 (RTTNews)

(RTTNews) - Reflecting higher prices for shelter and used cars and trucks, the Labor Department released a report on Wednesday showing U.S. consumer prices increased by slightly more than expected in the month of December.

The Labor Department said its consumer price index rose by 0.5 percent in December following a 0.8 percent advance in November. Economists had expected consumer prices to rise by 0.4 percent.

Excluding food and energy prices, core consumer prices increased by 0.6 percent in December after climbing by 0.5 percent in November. Core prices were expected to advance by 0.5 percent.

The report also showed the annual rate of consumer price growth accelerated to 7.0 percent in December from 6.8 percent in November, showing the biggest yearly jump since June of 1982.

Core consumer prices were up by 5.5 percent year-over-year in December compared to the 4.9 percent spike in November. The annual growth reflected the biggest surge since February of 1991.

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