US consumer prices up 7% in December, highest since 1982

By Ovunc Kutlu

ANKARA (AA) – Consumer prices in the US rose 7% year-on-year in December, marking the largest 12-month increase since June 1982, the US Department of Labor said on Wednesday.

The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, came in line with the market estimate after it rose 6.8% in November.

In December, the CPI rose 0.5% from the previous month, exceeding the market consensus of a 0.4% monthly increase. The CPI rose 0.8% in November.

The food index rose 0.5% in December, but the energy index declined 0.4% as the indices for gasoline and natural gas both decreased.

On an annual basis, however, the indices for energy, gasoline, and natural gas were up 29.3%, 49.6%, and 24.1%, respectively.

Core consumer prices, which exclude food and energy, increased 0.6% in December from the previous month, after a 0.5% rise in November.

Core CPI jumped 5.5% year-on-year, marking the largest 12-month increase since the period ending February 1991, according to the Department of Labor.