US Inflation December 2023 Touches 3.4%. United States (US) inflation rose above projections in December 2023, away from the target of the Federal Reserve (The Fed) central bank.
Based on data from the US Department of Labor released Thursday (11/1/2024), the consumer price index (CPI) rose 3.4% year-on-year (yoy) in December 2023, higher than the 3.1% increase in November 2023.
Compared to November (month-to-month/mtm), US inflation reached 0.3%, up from 0.1% in November 2023. This inflation figure was higher than economists’ expectations in a Reuters survey which estimated inflation would reach 0.2% mtm and 3.2% yoy.
Meanwhile, core inflation excluding food and energy components rose 0.3% mtm, the same as the previous month and in line with economists’ projections. Meanwhile, core inflation reached 3.9% yoy, down from 4.0% yoy in November but above economists’ projection of 3.8%.
Previously, economists Anna Wong and Stuart Paul projected the core CPI excluding food and energy to rise 0.2% mtm in December 2023. According to them, the figures in December 2023 should add to the Fed’s confidence that disinflation is making encouraging progress. US Inflation December 2023
