The U.S. Bureau of Labor Statistics (BLS) reports the Consumer Price Index for the nation increased in December.
CNBC News reports that the Consumer Price Index is a measure of inflation, which takes into account the cost of dozens of essential goods and services including food, clothing, shelter, fuels, drugs, transportation costs and medical fees.
On Jan 12, the Bureau of Labor Statistics released the CPI data for December 2021. The data indicated that the CPI for all urban consumers (CPI-U) increased 0.5% for December. The data also showed a 7% annual increase, the largest since 1982.
“Increases in the indexes for shelter and for used cars and trucks were the largest contributors to the seasonally adjusted all items increase,” the BLS stated in the release. “The food index also contributed, although it increased less than in recent months, rising 0.5% in December.”
The BLS also released data on wages for U.S. workers. Adjusted for the increase in inflation, average wages increased by a meager 0.1% from November to December 2021. Compared to last year, hourly wages decreased by 2.4% when accounting for inflation.
According to the U.S. Census Bureau, the average household income in the state of Arizona is $58,945. A 0.1% increase in wages would move that figure to $59,535.
The CPI also rose 0.5% from November 2021, signaling that inflation has continued to grow steadily on a monthly basis.
According to CNBC, one of the industries with the biggest price increases is energy. It is up over 29% compared to last year, and gasoline by itself has increased by nearly 50% in the same time period. For the month, fuel oil prices fell 2.4% and gasoline fell 0.5%.
Reuters highlighted that core CPI, which excludes food and energy, was still high. It marked a 5.5% annual increase.
