Key points:

US December CPI up 0 YoY.3%, an annual increase of 3.4% Core CPI remains stable at 0.3%, showing inflation-balanced energy costs fell year-over-year, while food prices rose CPI growth

In December 2023, the US consumer price index (CPI) increased by 0% on a seasonally adjusted basis..3%, slightly higher than November's 0.1%。This makes CPI increase 3.4%, a significant increase over the same period last year。

Housing and energy costs

An important factor in the CPI's rise this month was the housing index, which accounted for more than half of all project growth.。Energy costs also rose slightly, up 0.4%, driven by higher electricity and gasoline prices, despite lower natural gas costs。Food index up slightly, up 0.2%, in line with November's trend。

Core CPI stable

Excluding food and energy, core CPI rises 0.3%, in line with the trend in November。The stability of the core CPI reflects the balance between rising indices such as housing, auto insurance and health care and falling indices such as household goods and personal care.。

Annual Overview

The 12-month data show that the all items index rose 3.4%, compared with 3 in the previous year.1% increased significantly。Core Index Up 3.9%, slightly lower than the previous year。With rising food prices 2.7% contrast, energy costs fell 2.0%。

Food and Energy Details

In terms of food prices, household food costs rose slightly, by 0.1%, with egg prices rising sharply, while cereal and bakery product prices fell。Eating out costs up 0.3%, up 5.2%。On the energy front, the segment picked up slightly in December, with gasoline prices up 0.2%, after a sharp drop in November。The annual decline in the energy index is a key factor in the overall CPI dynamics。

Outlook

Stable core CPI and slight increase in overall CPI indicate a balanced inflation environment。While housing costs continued to drive the index higher, some relief was supported by lower energy prices throughout the year.。The steady rise in the food index is a concern, indicating continued consumer spending and inflationary pressures.。Heading into the next month, the market seems cautiously optimistic, focusing on the direction of future energy and food trends.。

Conclusion

CPI data shows a complex but relatively stable inflation environment。Investors should pay attention to changes in energy and food prices, which may indicate changes in consumer spending and inflation trends。