Key Points:
- The Consumer Price Index (CPI) increased 0.5% in December and is up 7.0% in the last year, the highest rate since 1982.
- Price increases in the last year have been broad, impacting businesses and consumers.
- The food at home index rose 6.5% over the past 12 months.
- The largest increase in food was for meats, poultry, fish, and eggs, which increased 12.5% as the index for beef rose 18.6% over the year.
- The index for food away from home rose 6.0%, limited service meals rose 8.0%, and full service meals rose 6.6% over the last 12 months.
- The energy index rose 29.3% over the past 12 months as all the major energy component indexes increased.
- The gasoline index rose 49.6%, electricity increased 6.3%, and natural gas rose 24.1% over the last 12 months.
- The index for all items less food and energy rose 5.5% over the past 12 months.
- The index for used cars and trucks increased 37.3%, new vehicles increased by 11.8%, tobacco and smoking products increased by 9.0%, and apparel increased 5.8%.
- The Right Facts will continue to monitor inflation.