The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in December on a seasonally adjusted basis after rising 0.2 percent in November, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.4 percent before seasonal adjustment. The seasonally adjusted increase in the all items index was driven by an 8.4-percent increase in the gasoline index, which accounted for more than 60 percent of the overall increase. The other components of the energy index were mixed, resulting in an increase of 4.0 percent for the month. The food index rose in ... (full story)

U.S. consumer prices increased in December, with households paying more for gasoline, though underlying inflation remained tame as the economy battled a raging COVID-19 pandemic, which has weighed on the labor market and the services industry. The Labor Department said on Wednesday its consumer price index increased 0.4% last month after gaining 0.2% in November. In the 12 months through December the CPI rose 1.4% after increasing 1.2% in November. Economists polled by Reuters had forecast the CPI shooting up 0.4% and rising 1.3% year-on-year. (full story)