December inflation breakdown: Where are prices still rising the fastest?
Piper Sandler Chief Global Economist Nancy Lazar details her economic expectations for the second half of the fiscal year on ‘Mornings with Maria.’
Inflation marched higher in December as an uptick in the cost of rent and food kept prices elevated for millions of U.S. households.
The Labor Department said Thursday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.3% in December from the previous month, more than expected.
Prices climbed 3.4% from the same time last year, coming in above both the expectation from Refinitiv economists and the 3.1% gain recorded in November.
«In the two-steps-forward-one-step-back inflation battle, December was a clear step back,» said Robert Frick, corporate economist with Navy Federal Credit Union.
Here is a breakdown of where Americans are seeing prices rising and falling the fastest as they continue to wrestle with sticker shock.
INFLATION CLIMBS FASTER THAN EXPECTED IN DECEMBER AS HIGH PRICES PERSIST
Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets. (Gabby Jones/Bloomberg/File / Getty Images)
Housing costs were the biggest driver of core inflation last month. Rent costs rose 0.4% for the month and are up 6.2% from the same time last year.
Rising rents are concerning because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home climbed by 0.5% from the previous month.
«Housing continues to play an outsized role in keeping inflation above the Fed’s target,» said Lisa Sturtevant, Bright MLS chief
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