The U.S. Bureau of Labor Statistics released its monthly Consumer Price Index Summary December 11, 2024:
CONSUMER PRICE INDEX – NOVEMBER 2024
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent on a seasonally adjusted basis in November, after rising 0.2 percent in each of the previous 4 months, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.7 percent before seasonal adjustment.
The index for shelter rose 0.3 percent in November, accounting for nearly forty percent of the monthly all items increase. The food index also increased over the month, rising 0.4 percent as the food at home index increased 0.5 percent and the food away from home index rose 0.3 percent. The energy index rose 0.2 percent over the month, after being unchanged in October.
The index for all items less food and energy rose 0.3 percent in November, as it did in each of the previous 3 months. Indexes that increased in November include shelter, used cars and trucks, household furnishings and operations, medical care, new vehicles, and recreation. The index for communication was among the few major indexes that decreased over the month.
The all items index rose 2.7 percent for the 12 months ending November, after rising 2.6 percent over the 12 months ending October. The all items less food and energy index rose 3.3 percent over the last 12 months. The energy index decreased 3.2 percent for the 12 months ending November. The food index increased 2.4 percent over the last year.
Food
The index for food increased 0.4 percent in November, after rising 0.2 percent in October. The food at home index rose 0.5 percent over the month. Four of the six major grocery store food group indexes increased in November. The index for meats, poultry, fish, and eggs rose 1.7 percent over the month, as the index for beef increased 3.1 percent and the index for eggs rose 8.2 percent. The nonalcoholic beverages index increased 1.5 percent in November, after rising 0.4 percent in October. The index for other food at home rose 0.1 percent over the month and the index for fruits and vegetables increased 0.2 percent.
The cereals and bakery products index fell 1.1 percent in November, the largest 1-month decrease ever reported for the index which was first published in 1989. The index for dairy and related products declined 0.1 percent over the month.
The food away from home index rose 0.3 percent in November, after rising 0.2 percent in October. The index for full service meals also rose 0.3 percent over the month as did the index for limited service meals.
The food at home index rose 1.6 percent over the last 12 months. The index for meats, poultry, fish, and eggs rose 3.8 percent over the last 12 months and the index for nonalcoholic beverages increased 2.8 percent.
Over the same period, the fruits and vegetables index rose 1.1 percent and the other food at home index increased 0.7 percent. The index for dairy and related products increased 1.2 percent over the year. In contrast, the cereals and bakery products index declined 0.5 percent over the last year, the largest 12-month decline since December 2017.
The food away from home index rose 3.6 percent over the last year. The index for limited service meals increased 3.7 percent over the last 12 months and the index for full service meals rose 3.6 percent over the same period.
Fresh fruits and vegetables
Fresh fruits and vegetables rose 0.5 percent from October to November and 1.4 percent year-over-year in November. Fresh fruit was flat for the month but up 1.3 percent year-over-year, and fresh vegetables rose 1.0 percent in November and 1.6 percent from 2023.
