HackedInflation rises to 7% in December (led by energy)

Inflation rises to 7% in December (led by energy)

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Charts related to the latest “Consumer Price Index” news release   |  
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12-month percentage change, Consumer Price Index, selected categories, December 2021, not seasonally adjusted
Category12-month percent change, Dec 2021

All items

7.0%

Food

6.3%

Food at home

6.5%

Cereals and bakery products

4.8%

Meats, poultry, fish, and eggs

12.5%
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Dairy and related products

1.6%

Fruits and vegetables

5.0%

Nonalcoholic beverages and beverage materials

5.2%

Other food at home

5.6%

Food away from home

6.0%
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Full service meals and snacks

6.6%

Limited service meals and snacks

8.0%

Energy

29.3%

Energy commodities

48.9%

Fuel oil

41.0%
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Gasoline (all types)

49.6%

Energy services

10.4%

Electricity

6.3%

Natural gas (piped)

24.1%

All items less food and energy

5.5%

Commodities less food and energy commodities

10.7%

Apparel

5.8%

New vehicles

11.8%

Used cars and trucks

37.3%

Medical care commodities

0.4%

Alcoholic beverages

2.3%

Tobacco and smoking products

9.0%

Services less energy services

3.7%

Shelter

4.2%

Rent of primary residence

3.3%

Owners’ equivalent rent of residences

3.8%

Medical care services

2.5%

Physicians’ services

4.3%

Hospital services

3.3%

Transportation services

4.2%

Motor vehicle maintenance and repair

4.8%

Motor vehicle insurance

4.1%

Airline fare

1.4%


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1 Comment

  1. This is a really bad measure of inflation for monetary policy This is a supply shock. This kind of inflation should not heavily impact your monetary policy.

    This exactly why fixed inflation targeting is a bad idea and Market Monetarist advocated NGDP Level targeting and New Keynesians simply want the Central bank to do that correctly manually.

    Consumer Price Level measures might be useful for other things, but not at input for your central banking function.

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