DENVER (KDVR) — U.S. inflation continues to cool after over a year of multi-decade highs.
The U.S. Bureau of Labor Statistics released the December 2022 Consumer Price Index for urban consumers Thursday. Monthly inflation fell in December by 0.1%. Annual inflation is at 6.5%. This is the sixth straight month of slowing inflation.
Across all items, consumer prices were 14.7% higher in December 2022 than they were in March 2020.
U.S. inflation reached its peak in June 2022. Consumer prices were 9.1% higher than the year before, the highest annual inflation rate since the 1970s. Since then, the annual inflation in each month has slowed.
Most consumer spending items are higher than a year ago, while a select few have slowed. Energy-related expenses have increased in price the most, followed by food. Used cars and trucks have fallen significantly in price after spending much of the last 18 months as one of the most quickly-rising items.
Fuel oil, which includes jet, diesel and home heating oil, has seen the highest price spike. Fuel oil rose in price by 41.5% over the last year. Similarly, utility gas and electricity had the next-highest rises in price. Gasoline, however, is down year-over-year by 1.5%.
Food prices are 10.4% higher. Groceries have risen more in price than restaurant prices. Food at home has risen 11.8% in the last year, while food away from home has risen 8.3%.
Shelter costs are the next highest. Shelter costs have risen 7.5% in the last year. Rent increased by 8.3%, while ownership costs rose by 7.5%.