By Nick Dobbins
December 2021
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.8% in November on a seasonally adjusted basis after rising 0.9% in October, the U.S. Bureau of Labor Statistics reported. The increase was the result of broad increases in most component indices, similar to last month. The indices for gasoline, shelter, food, used cars and trucks, and new vehicles were among the larger contributors. The energy index rose 3.5% in November as the gasoline index increased 6.1%, and the other major energy component indices also rose. The food index increased 0.7% as the index for food at home rose 0.8%. The index for all items less food and energy rose 0.5% in November following a 0.6% increase in October. Along with shelter, used cars and trucks, and new vehicles, the indices for household furnishings and operations, apparel, and airline fares were among those that increased. The indices for motor vehicle insurance, recreation, and communication all declined.
The all items index rose 6.8% for the 12 months ending November, the largest 12-month increase since the period ending June 1982. The index for all items less food and energy rose 4.9% over the last 12 months, while the energy index rose 33.3% over the last year, and the food index increased 6.1%. These changes are the largest 12-month increases in at least 13 years in the respective series.
