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Highlights:
Consumer prices advanced 1.2% in the 12 months to December 2008, a sharp slowdown from the 2.0% rise posted in November. On a seasonally adjusted monthly basis, consumer prices fell 0.7% from November to December, after falling 0.3% from October to November.
All-items Consumer Price Index (CPI):
- The slowdown in the 12-month change in the CPI in December was due primarily to a large drop in prices for gasoline.
- Increasing mortgage interest costs, natural gas prices and prices for various food items were the primary upward contributors to the 12-month change.
- Of the eight major components, rising food costs (+7.3%) were the most dominant factor contributing to December’s increase.
- A sharp drop in prices for gasoline between November and December primarily contributed to the monthly decline in the CPI.
Main contributors to the 12-month change in the CPI:
Main upward contributors:
- Mortgage interest cost (+6.4%)
- Natural gas (+18.4%)
- Fresh vegetables (+26.9%)
Main downward contributors:
- Gasoline (-25.8%)
- Purchase and leasing of passenger vehicles (-3.5%)
- Women’s clothing (-4.7%)
Main contributors to the monthly change in the CPI, not seasonally adjusted:
Main upward contributors:
- Air transportation (+5.6%)
- Fresh vegetables (+4.6%)
Main downward contributors:
- Gasoline (-11.8%)
- Men’s clothing (-5.3%)
- Purchase and leasing passenger vehicles (-0.8%)
- Fuel oil and other fuels (-12.0%)
