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Consumer Price Index: 2022 in review

January 17, 2023

Consumer prices for all items rose 6.5 percent from December 2021 to December 2022. Food prices increased 10.4 percent, reflecting an 11.8-percent increase in prices for food at home and an 8.3-percent increase in prices for food away from home.

12-month percent change in the Consumer Price Index for All Urban Consumers, selected items, not seasonally adjusted
Categories Dec 2018 to Dec 2019 Dec 2019 to Dec 2020 Dec 2020 to Dec 2021 Dec 2021 to Dec 2022

All items

2.3% 1.4% 7.0% 6.5%

Food

1.8 3.9 6.3 10.4

Food at home

0.7 3.9 6.5 11.8

Cereals and bakery products

0.3 3.2 4.8 16.1

Dairy and related products

2.4 4.4 1.6 15.3

Other food at home

0.3 3.9 5.6 13.9

Nonalcoholic beverages

1.0 4.4 5.2 12.6

Fruits and vegetables

-1.3 3.2 5.0 8.4

Meats, poultry, fish, and eggs

2.3 4.6 12.5 7.7

Food away from home

3.1 3.9 6.0 8.3

Energy

3.4 -7.0 29.3 7.3

Fuel oil

4.6 -20.0 41.0 41.5

Utility (piped) gas service

-3.5 4.1 24.1 19.3

Electricity

-0.4 2.2 6.3 14.3

Gasoline (all types)

7.9 -15.2 49.6 -1.5

All items less food and energy

2.3 1.6 5.5 5.7

Shelter

3.2 1.8 4.1 7.5

Household furnishings and operations

1.0 3.2 7.4 6.7

Apparel

-1.2 -3.9 5.8 2.9

New vehicles

0.1 2.0 11.8 5.9

Used cars and trucks

-0.7 10.0 37.3 -8.8

Motor vehicle insurance

0.0 -4.8 4.1 14.2

Airline fares

1.7 -18.4 1.4 28.5

Medical Care

4.6 1.8 2.2 4.0

Health insurance

20.4 4.8 -1.2 7.9

Hospital and related services

2.9 3.1 3.3 4.6

Prescription drugs

3.0 -2.4 0.0 1.8

Physicians' services

1.4 1.7 4.3 1.7

Recreation

1.5 0.9 3.3 5.1

Education and communication

1.4 2.0 1.6 0.7

Education

2.1 1.4 2.0 3.3

Communication

0.7 2.4 1.3 -1.1

Personal care

1.5 1.8 3.4 6.6

Prices for all six of the major food at home groups increased from 2021 to 2022. Cereals and bakery products prices rose 16.1 percent, dairy and related products prices rose 15.3 percent, nonalcoholic beverages and beverage materials prices rose 12.6 percent, fruits and vegetables prices rose 8.4 percent, and prices for other food at home rose 13.9 percent. These price increases were all larger than the increases in the prices for these food groups from December 2020 to December 2021. Meats, poultry, fish, and eggs prices rose 7.7 percent from 2021 to 2022, an increase 4.8 percentage points smaller than a year earlier.

From December 2021 to December 2022, energy prices increased 7.3 percent, a quarter of the rate at which they increased from 2020 to 2021. Fuel oil prices increased 41.5 percent from 2021 to 2022, approximately the same increase as the previous year. Utility (piped) gas service prices increased 19.3 percent from 2021 to 2022, compared with 24.1 percent a year earlier. From 2021 to 2022, electricity prices increased 14.3 percent, over twice the rate at which they increased from 2020 to 2021. Gasoline prices decreased 1.5 percent after increasing 49.6 percent the previous year.

Prices for medical care rose 4.0 percent from December 2021 to December 2022 after rising 2.2 percent from 2020 to 2021. From 2021 to 2022, prices for hospital and related services rose 4.6 percent after rising 3.3 percent the previous year. Prices for physicians’ services rose 1.7 percent from 2021 to 2022, less than half of the rate at which they increased from 2020 to 2021. Health insurance prices rose 7.9 percent from 2021 to 2022 after falling 1.2 percent the previous year.

These data are from the Consumer Price Index program and are not seasonally adjusted. For more information, see "Consumer Price Index — December 2022." We also have more charts on consumer prices.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Consumer Price Index: 2022 in review at https://www.bls.gov/opub/ted/2023/consumer-price-index-2022-in-review.htm (visited July 20, 2024).

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