US consumer prices unexpectedly fell for the first time in more than 2-1/2 years in December amid declining prices for gasoline and other goods, suggesting that inflation was now on a sustained downward trend.
The consumer price index dipped 0.1% last month after gaining 0.1% in November, the Labor Department said on Thursday. That was the first decline in the CPI since May 2020, when the economy was reeling from the first wave of COVID-19 infections.In the 12 months through December, the CPI increased 6.5%. That was the smallest rise since October 2021 and followed a 7.1% advance in November. The annual CPI peaked at 9.1% in June, which was the biggest increase since November 1981.
Prices for used cars and trucks are also declining as the supply of motor vehicles improves. Ebbing demand has left retailers holding excess merchandise, forcing them to offer discounts for products like apparel and furniture. Excluding the volatile food and energy components, the CPI climbed 0.3% last month after rising 0.2% in November. In the 12 months through December, the so-called core CPI increased 5.7% after advancing 6.0% in November.
A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits fell 1,000 to a seasonally adjusted 205,000 for the week ended Jan. 7. Economists had forecast 215,000 claims for the latest week.
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