In December 2021, the Consumer Price Index for all Urban Consumers (CPI-U) was up by 0.5% on a seasonally adjusted basis. This was down from the 0.8% rise recorded in November 2021. However, the all items index has risen by 7.0% during the past 12 months, up from the figure of 6.8% recorded in the 12 months through November 2021 and once again representing the biggest 12-month increase since the period ending in June 1982. Expectations about future inflation among U.S. consumers remained unchanged in December 2021 from November, the Federal Reserve Bank of New York reports. Meanwhile, uncertainty and disagreement about future inflation decreased. The median expectation among respondents was that inflation will be 6.0% during the next 12 months, declining to an average annual rate of 4.0% across the next three years. Key Takeaways In December 2021, inflation, as measured by the CPI-U, posted its biggest 12-month increase since June 1982. The 12-month increase was 7.0%, up from 6.8% through November. Price hikes for shelter, vehicles, and food were major contributors to overall inflation. However, energy recorded its first monthly price dip since April 2021. Shelter and Used Vehicles Lead Price Hikes The December 2021 rise in the… Read full this story
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