Inflation edged up again last month

  • CNN
  • January 15, 2025
CNN

 — 

Consumer inflation data came in slightly hotter than expected in December.

Consumer prices were up 2.9% for the 12 months ended in December as compared to 2.7% in November, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. On a monthly basis, prices rose by 0.4%.

Wednesday's report marked the final CPI reading for 2024 and the last before President Joe Biden hands the keys over to President-elect Donald Trump. While the causes of this recent bout of inflation were multifaceted and largely related to the Covid-19 pandemic and its fallout, the sharp rise in prices hit Americans hard and proved to be a critical factor at the ballot box.

Economists were expecting inflation to pick up 0.3% from November and notch a 2.8% annual increase, primarily due to expectations around higher energy and food prices.

The CPI measures price changes across commonly purchased goods and services.