Jan. 13 (UPI) — The prices of products and providers in the USA elevated dramatically in December and inflation additionally ticked up, a month-to-month federal report mentioned Wednesday.
The Client Worth Index rose by 0.4% for the month, which was twice the speed of November’s rise and the biggest month-to-month hike since final summer season.
Nationwide inflation elevated barely, by 0.2%, to 1.4% in December, the index famous — which remains to be effectively under regular. Earlier than the pandemic arrived final yr, inflation was rising at a fee greater than 2%.
The report mentioned greater gasoline prices, which grew by greater than 8% in December, drove the rise. Gasoline, actually, accounted for greater than 60% of the index’s rise final month.
“The opposite elements of the power index have been combined, leading to a rise of 4% for the month. The meals index rose in December, as each the meals at residence and the meals away from residence indexes elevated by 0.4%,” the report mentioned.
Prices for attire, motorized vehicle insurance coverage, new automobiles, private care and family furnishings all rose in December.