“Core inflation” ticked up 0.2% during the month, but ended the year with almost half the annual increase as 2022 did.
U.S. wholesale prices continued their overall disinflation trend in December, closing out 2023 with another modest monthly decrease.
The Labor Department’s latest Producer Price Index for final demand ticked down 0.1% in December (seaonally adjusted), following monthly declines of 0.1% in November and 0.4% in October.
RELATED: U.S. Consumer Inflation Accelerated in December
Released Jan. 12, the PPI report said December’s decrease in the index for final demand was driven by a 0.4% drop in prices for final demand goods, while the index for final demand services was unchanged.
The index for final demand less foods, energy and trade services — known as ‘core inflation’ — rose 0.2% in December after edging up 0.1% in both November and October. On an annual basis, core inflation climbed 2.5% in 2023 following a 4.7% increase in 2022.
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However, “Core inflation” was identical to November on a monthly basis and slightly decelerated year-over-year.
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