US CPI Rises More than Forecast

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US consumer prices rose by 0.3% from a month earlier in December 2023, the most in three months, from a 0.1% advance in November and exceeding market expectations of 0.2%. The index for shelter continued to rise (0.5% vs 0.4%), contributing over half of the monthly all items increase. The motor vehicle insurance index inched up by 1.5%, after increasing 1% in the preceding month. The used cars & trucks index also rose 0.5%, after increasing 1.6% in November. Among other indexes that rose in December were recreation, new vehicles, education, and airline fares. Additionally, the energy index went up by 0.4% as increases in the electricity index (1.3%) and the gasoline index (0.2%) more than offset a decrease in the natural gas index (-0.4%). The food index also increased 0.2%, the same as in November. On the other hand, the index for household furnishings & operations (-0.4%) and the index for personal care (-0.3%) were among those that declined over the month.

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