U.S. monthly consumer prices rose in December instead of falling as previously estimated, revised government data showed Friday.
The consumer price index edged up 0.1% in December rather than dipping 0.1% as reported last month, the Labor Department's annual benchmark revisions of the consumer price index (CPI) showed. Data for November was also revised higher to show the CPI increasing 0.2% instead 0.1% as previously estimated.
The government recalculated seasonal adjustment factors, the model it uses to strip out seasonal fluctuations from the data, from January 2018 through December 2022. The year-on-year data, which is not seasonally adjusted, was unrevised.
Excluding the volatile food and energy components, the CPI rose 0.4% in December, instead of 0.3% as previously reported. Data for November was revised up to show the so-called core CPI advancing 0.3% instead of 0.2% as initially estimated.