The Consumer Price Index (CPI) rose 3.4% on a year-over-year basis in December, following a 3.1% increase in November. While gasoline prices fell on a monthly basis for the fourth month in a row, the headline acceleration was largely the result of higher year-over-year prices for gasoline in December (+1.4%) compared with November (-7.7%). This was the result of a base-year effect where gasoline prices fell more on a monthly basis in December 2022 than they did in December 2023. Excluding gasoline, the headline CPI slowed year over year, from 3.6% in November to 3.5% in December.
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