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Consumer Price Index: 2023 in review

January 19, 2024

Consumer prices for all items rose 3.4 percent from December 2022 to December 2023. Food prices increased 2.7 percent, reflecting a 1.3-percent increase in prices for food at home and a 5.2-percent increase in prices for food away from home.

12-month percent change in the Consumer Price Index for All Urban Consumers, selected items
Category Dec 2022 to Dec 2023 Dec 2021 to Dec 2022 Dec 2020 to Dec 2021 Dec 2019 to Dec 2020

Motor vehicle insurance

20.3 14.2 4.1 -4.8

Nonprescription drugs

8.3 5.4 0.8 -1.4

Shelter

6.2 7.5 4.1 1.8

Hospital and related services

5.6 4.6 3.3 3.1

Food away from home

5.2 8.3 6.0 3.9

Personal care

5.0 6.6 3.4 1.8

All items less food and energy

3.9 5.7 5.5 1.6

All items

3.4 6.5 7.0 1.4

Electricity

3.3 14.3 6.3 2.2

Prescription drugs

3.3 1.8 0.0 -2.4

Other food at home

2.8 13.9 5.6 3.9

Food

2.7 10.4 6.3 3.9

Recreation

2.7 5.1 3.3 0.9

Cereals and bakery products

2.6 16.1 4.8 3.2

Nonalcoholic beverages and beverage materials

2.6 12.6 5.2 4.4

Education

2.4 3.3 2.0 1.4

Meats, poultry, and fish

2.3 4.5 12.6 5.0

Food at home

1.3 11.8 6.5 3.9

Apparel

1.0 2.9 5.8 -3.9

New vehicles

1.0 5.9 11.8 2.0

Medical Care

0.5 4.0 2.2 1.8

Household furnishings and operations

0.4 6.7 7.4 3.2

Fruits and vegetables

0.3 8.4 5.0 3.2

Physicians' services

-0.6 1.7 4.3 1.7

Dairy and related products

-1.3 15.3 1.6 4.4

Used cars and trucks

-1.3 -8.8 37.3 10.0

Communication

-1.7 -1.1 1.3 2.4

Gasoline (all types)

-1.9 -1.5 49.6 -15.2

Energy

-2.0 7.3 29.3 -7.0

Airline fares

-9.4 28.5 1.4 -18.4

Utility (piped) gas service

-13.8 19.3 24.1 4.1

Fuel oil

-14.7 41.5 41.0 -20.0

Eggs

-23.8 59.9 11.1 -1.5

Note: Data are not seasonally adjusted.

Prices for four of the six major food at home groups increased from 2022 to 2023. Prices in the other food at home index increased the most, up 2.8 percent. This index includes food items such as candy, snacks, and sauces which are not classified in the other food categories. Cereals and bakery products prices and nonalcoholic beverages and beverage materials prices each increased 2.6 percent. Prices for fruits and vegetables rose 0.3 percent. Offsetting movements left prices for meats, poultry, fish, and eggs down 0.1 percent. Prices for meats, poultry, and fish were up 2.3 percent. Egg prices fell 23.8 percent, a downward adjustment following their 2022 price increase of 59.9 percent. Dairy and related products had the largest price decline among the major food at home groups, down 1.3 percent in 2023.

Energy prices decreased 2.0 percent in 2023, after increasing 7.3 percent in 2022. Fuel oil prices and utility gas service prices declined 14.7 percent and 13.8 percent, respectively, from December 2022 to December 2023. Gasoline prices declined 1.9 percent in 2023, following a decline of 1.5 percent in 2022. In contrast, electricity prices continued to increase, rising 3.3 percent in 2023 after increasing 14.3 percent in the prior year.

Costs for new vehicles increased 1.0 percent in 2023, compared with a 5.9-percent increase in 2022. Used cars and trucks prices declined 1.3 percent, following a decline of 8.8 percent the previous year. Motor vehicle insurance costs were 20.3 percent higher in December 2023 than in December 2022. 

Prices for medical care rose 0.5 percent in 2023, following an increase of 4.0 percent in 2022. Nonprescription drug prices increased 8.3 percent after increasing 5.4 percent the previous year. From December 2022 to December 2023, costs for hospital and related services rose 5.6 percent and prescription drug prices increased 3.3 percent. Prices for physicians’ services declined 0.6 percent over the year.

These data are from the Consumer Price Index program and are not seasonally adjusted. For more information, see "Consumer Price Index — December 2023." 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: 2023 in review at https://www.bls.gov/opub/ted/2024/consumer-price-index-2023-in-review.htm (visited April 21, 2024).

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