Inflation For December 2022 Ran At A 6.5% 12 Month Rate
Led by a 9.4% drop in gasoline costs, inflation for the month of December 2022 was down .1% across the board while continuing at a twelve month rate at 6.5%, well over 3X the Federal Reserve target rate according to the US Bureau of Labor Statistics.
“The index for gasoline was by far the largest contributor to the monthly all items decrease, more than
offsetting increases in shelter indexes.”
The chief driver of the increase in inflation by .3% without energy and food figured in again was the housing sector which has risen month over month since before June 2022. In December, housing costs expanded by .8% achieving an annualized rate of 7.5%.
We will continue to track this very important story so continue to check back.
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