Economic news

US December consumer prices revised lower

2024.02.09 09:12


© Reuters. FILE PHOTO: A lady retailers for groceries at El Progreso Market within the Mount Pleasant neighborhood of Washington, D.C., U.S., August 19, 2022. REUTERS/Sarah Silbiger/File Photo

WASHINGTON (Reuters) – U.S. month-to-month consumer prices rose lower than initially estimated in December, revised authorities knowledge confirmed on Friday.

The consumer value index rose 0.2% in December as an alternative of 0.3% as reported final month, annual revisions of the CPI knowledge revealed by the Labor Department’s Bureau of Labor Statistics (BLS) confirmed. But knowledge for November was revised as much as present the CPI rising 0.2% slightly than 0.1% as beforehand estimated.

The revisions emanated from the recalculation of seasonal adjustment elements, the mannequin utilized by the federal government to strip out seasonal fluctuations from the information. This routine process, which the BLS undertakes yearly, lined knowledge from January 2019 via December 2023. The year-on-year knowledge, which isn’t seasonally adjusted, was unrevised.

Excluding the unstable meals and vitality elements, the CPI superior by an unrevised 0.3% in December.

After the revisions final yr confirmed inflation working a bit hotter within the second half of 2022 than beforehand reported, the revised CPI knowledge for 2023 have been eagerly awaited by Federal Reserve officers, together with Governor Christopher Waller, as they attempt to gauge progress of their battle towards inflation.

The CPI inflation readings for the fourth quarter will have an effect on the non-public consumption expenditures (PCE) value indexes, the inflation measures tracked by the U.S. central financial institution for its 2% inflation goal.

The core CPI elevated 3.9% on a year-on-year foundation in December. It is working forward of the core PCE value index, which gained 0.2% on the month and rose 2.9% year-on-year in December.

Financial markets are anticipating that the Fed will begin reducing rates of interest someday within the first half of the yr. Since March 2022, the Fed has raised its coverage charge by 525 foundation factors to the present 5.25% to five.50% vary.

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