The CPI measures the overall change in consumer prices over time for a representative basket of goods and services. Today we will talk about what is the latest CPO and when will be the next CPI report. Let’s find out by reading the article below.
What is the latest CPI?
The U.S. Consumer Price Index rose 6.5% over the past 12 months to an index level of 296.797. It was the lowest inflation rate since October 2021, as energy costs rose 7.3%, well below November's 13.1%, while gasoline prices fell 1.5%. Also, fuel oil costs slowed (41.5% vs. 65.7%), while electricity prices rose slightly faster (14.3% vs. 13.7%). Food prices also slowed (-10.4% vs. 10.6%), while the cost of used cars and trucks continued to fall (-8.8% vs. 3.3%). Housing costs, on the other hand, grew faster (7.5% vs. 7.1%).
Official data showed that consumer prices fell 0.1% to an annual rate of 6.5% from November, down from 7.1% in the previous month. The index's monthly decline was lower than analysts' expectations and unchanged, but the annual rate was in line with consensus expectations.
Once you strip out volatility such as food, energy and auto sales, inflationary momentum still looks slightly stronger. "Core" CPI rose another 0.3% last month, slightly higher than in November, and the annual core rate rose 5.7%.
The dollar fell to its lowest level in seven months after the news, as markets priced in an earlier and lower end to the Fed's tightening cycle. The U.S. dollar index , which tracks the greenback against a basket of developed market currencies, was down 0.6% at 102.32 by 0850 ET (1350GMT), tracking a downtrend in U.S. bond yields. The benchmark 2-year yield, which is closely tied to Fed rate expectations, fell 6 basis points to 4.17%, the lowest level since October, while the 10-year yield, which reflects long-term inflation expectations, fell 5 basis points to 3.51%.
When will be the next CPI report?
CPI data for January 2023 is scheduled to be released on February 14, 2023 at 8:30 am Eastern time.
I hope this article will help you to know what is the latest CPO and when will be the next CPI report. While December marked the sixth straight month that U.S. inflation slowed (it peaked at 9.06% in June), it remained well above the Fed's 2% target.
