Inflation in December was its highest since the summer, according to data released Wednesday morning, a sign of the lingering presence of higher prices for consumers, though economists did predict an inflation bump was due.
by Derek Saul
Forbes
Key Facts
– Headline inflation was 2.9% in December, according to year-over-year changes in the Bureau of Labor Statistics’ consumer price index, the most commonly cited measure of inflation, while the index rose 0.4% from November to December on a seasonally adjusted basis.
– Consensus economist forecasts called for 2.9% annual inflation and 0.3% month-over-month inflation, according to Dow Jones data.
– That’s the highest annual inflation reading since July’s 2.9%.
– Core inflation, which excludes the more erratic food and energy categories, was 3.2% last month, actually better than estimates of 3.3%, where it stood from September to November, though it’s still well above the 2% long-term target held by the Federal Reserve.