The rate of inflation rose 0.4 percent last month bringing 2024’s annual total to 2.9 percent.
The U.S. Labor Department announced inflation numbers for the month of December as well as totals for last year. Last month, inflation increased to the highest level it had been since July as energy and food costs have risen.
The Bureau of Labor Statistics attributed over 40 percent of the rise in the consumer price index to energy prices as the energy index increased 2.6 percent in December. The previous months had shown little change and were even down 0.5 percent for the year until last month. The price of gas also rose 4.4 percent and utility gas 2.4 percent in December.
While grocery costs were up only 0.3 percent last month, the price of eggs has been volatile as the federal government addresses bird flu. The USDA reported, “Supply remains the greatest challenge in the marketplace as highly pathogenic avian influenza (HPAI) continues to impact commercial table egg layer flocks into the new year.”
As the Lord Leads, Pray with Us…
- For members of the Federal Reserve as they assess the rate of inflation against employment numbers.
- For incoming administration officials to be led by God as they address the nation’s economy.
Sources: Fox Business, NY Times
