• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle

Inflation Eased in December at 6.5 Percent, Marking 6 Months of Slowing Price Increases

January 12, 2023
Trump Threatens Lawsuit Against WSJ Over Epstein Letter

Trump Threatens Lawsuit Against WSJ Over Epstein Letter

July 17, 2025
CBS Announces It Will Take Stephen Colbert Off The Air

CBS Announces It Will Take Stephen Colbert Off The Air

July 17, 2025
Alligator Alcatraz Detainees Claim ‘Grim’ Conditions Over Being Fed Ham Sandwiches

Alligator Alcatraz Detainees Claim ‘Grim’ Conditions Over Being Fed Ham Sandwiches

July 17, 2025
GOP Rep. Luna Referring Jerome Powell For Criminal Charges Related To Fed Renovation

GOP Rep. Luna Referring Jerome Powell For Criminal Charges Related To Fed Renovation

July 17, 2025
RNC Sues Blue State For Concealing Voting Machine Records

RNC Sues Blue State For Concealing Voting Machine Records

July 17, 2025
Voice Of America Employee Arrested For Allegedly Threatening To Kill Marjorie Taylor Greene, Staff

Voice Of America Employee Arrested For Allegedly Threatening To Kill Marjorie Taylor Greene, Staff

July 17, 2025
CHUCK DEVORE: China, Russia, War, Peace, And Trump

CHUCK DEVORE: China, Russia, War, Peace, And Trump

July 17, 2025
Trump Admin Moves To Mitigate Risks Of Potential Blackouts, Soaring Energy Rates

Trump Admin Moves To Mitigate Risks Of Potential Blackouts, Soaring Energy Rates

July 17, 2025
State Dept Slams Critics Who Seem To Think It Will Abandon Diplomats Who Die Overseas

State Dept Slams Critics Who Seem To Think It Will Abandon Diplomats Who Die Overseas

July 17, 2025
Failed VP Nom Tim Walz Confirms He Will Not Run In 2028

Failed VP Nom Tim Walz Confirms He Will Not Run In 2028

July 17, 2025
Illegal Migrant Orchestrated ICE Kidnapping Hoax To Gin Up GoFundMe Cash, Complaint Alleges

Illegal Migrant Orchestrated ICE Kidnapping Hoax To Gin Up GoFundMe Cash, Complaint Alleges

July 17, 2025
Trump Working On Drones-For-Weapons ‘Mega Deal’ With Ukraine, Zelenskyy Says

Trump Working On Drones-For-Weapons ‘Mega Deal’ With Ukraine, Zelenskyy Says

July 17, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Thursday, July 17, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Inflation Eased in December at 6.5 Percent, Marking 6 Months of Slowing Price Increases

by Bradley Cortright
January 12, 2023 at 10:08 am
in News
242 10
0

A woman shops for groceries at a supermarket in Monterey Park, California on October 19, 2022. - Food prices in September rose 13% over last year, according to data released by the US government, as inflation raises prices to its highest levels in decades. (Photo by Frederic J. BROWN / AFP) (Photo by FREDERIC J. BROWN/AFP via Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Price increases continued to ease in December, marking the sixth consecutive month of a decrease in the pace of price increases.

The latest data released by the Labor Department showed the consumer price index (CPI)– a measure of the cost of goods and services — rose 6.5% in December compared to the previous year, down from 7.1% in November.

Core CPI, which excludes energy and food prices, rose 5.7% in December compared to the previous year.

And on a month-to-month basis, the CPI fell 0.1% in December. In October, CPI rose 0.1% on a month-to-month basis, and it rose 0.4% on a monthly basis in October.

Heather Long, an economic columnist for The Washington Post, noted the month-to-month CPI data marked the first decline since the spring of 2020.

Inflation declined -0.1% in December. It was the first monthly decline since the pandemic spring of 2020.

Overall, December was the 6th month of easing inflation, an encouraging sign for American householdshttps://t.co/kFMcKfJILL pic.twitter.com/vnaU4qdCcr

— Heather Long (@byHeatherLong) January 12, 2023

She also noted the falling price of gas, used cars, and airfare contributed to the easing of inflation in December.

Gas prices fell 9.4% in December and are down 1.5% from last year.

JUST IN: More good news on inflation — US inflation was +6.5% in December (y/y), down from 7.1% in Noveber and 9.1% in June.

In very encouraging news, inflation declined 0.1% in December.

Falling gas prices really drove down inflation along w/ used cars & airfare pic.twitter.com/yzBKVsivvW

— Heather Long (@byHeatherLong) January 12, 2023

While gas prices decreased in December, food prices rose 0.3%.

Additionally, the shelter category — which accounts for about a third of the CPI — rose 0.8% in December and is up 7.5% from last year.

The latest inflation data comes as the Federal Reserve has embarked on a campaign of interest rate hikes to try to tamp down price increases.

As The Wall Street Journal notes, “The Federal Reserve increased interest rates aggressively in 2022 to combat inflation by slowing the economy. Officials indicated in December they expected to raise rates further in 2023. Many economists think climbing rates heighten the risk of a U.S. recession.”

“The new inflation figures follow several signs that U.S. economic activity cooled in late 2022. U.S. imports and exports fell in November from October, while retail sales, manufacturing output and home sales all declined. Job and wage growth slowed in December,” it added.

Fed officials predict the peak interest rate in 2023 will be between 5% and 5.5%

However, JPMorgan Chase & Co. Chief Executive Jamie Dimon believes the interest rate will have to hit 6% to tamp down inflation.

“Inflation won’t quite go down the way people expected,” Dimon said, according to the Wall Street Journal.

He added, “But it will definitely be coming down a bit.”

Tags: InflationU.S. News
Share196Tweet123
Bradley Cortright

Bradley Cortright

IJR, Senior Writer He's written for Independent Journal Review since 2019.

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th