The Consumer Price Index for the month was lower than the 7.1% in November.
December saw the smallest increase in the index since October 2021.
There was a rise in the cost of shelter, household furnishings, recreation and apparel.
(Photo by Scott Olson/Getty Images)
The rate is still a ways from the Federal Reserves general target of a 2% annual rate.
Consumer price inflation for December couldnt have been much better, slowing to 6.5% year-over-year.
The peak was 9% last June.
Its still a long way to back to the Feds inflation target, which for CPI is 2.5%.
But its well on its way.
He pointed to the 0.1% drop in the average price level.
Point is, the inflation crisis isnt over, but were on a pretty good trajectory.
The worst of it looks to be behind us, he wrote.
PresidentJoe Bidenis expected to deliver remarks this morning on the latest report.
