America's final inflation report for 2023 just came in

US consumer prices rose 3.4% annually in 2023, marking progress in curbing high inflation. The Consumer Price Index showed a 0.3% increase in December, in line with expectations. Gas prices remained stable while rising shelter costs accounted for over half of the monthly rise. The annual inflation rate is significantly lower than in December 2022. Core CPI, excluding food and gas, increased 3.9% annually, the lowest since May 2021. Core CPI rose 0.3% monthly. Economists believe the report may delay a Fed rate cut. Goods experienced disinflation while core services prices remained high, driven by housing costs. The CPI’s measurement of shelter prices rose 0.5% in December.