By Alicia Wallace, CNN
(CNN) — Consumer inflation data came in slightly hotter than expected in December.
Consumer prices were up 2.9% for the 12 months ended in December as compared to 2.7% in November, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics. On a monthly basis, prices rose by 0.4%.
Wednesday’s report marked the final CPI reading for 2024 and the last before President Joe Biden hands the keys over to President-elect Donald Trump. While the causes of this recent bout of inflation were multifaceted and largely related to the Covid-19 pandemic and its fallout, the sharp rise in prices hit Americans hard and proved to be a critical factor at the ballot box.
Economists were expecting inflation to pick up 0.3% from November and notch a 2.8% annual increase, primarily due to expectations around higher energy and food prices.
The CPI measures price changes across commonly purchased goods and services.
This story is developing and will be updated.
The-CNN-Wire™ & © 2025 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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