#Consumer prices rose 3.4 percent in 2023 as inflation plunged
Consumer prices grew slightly faster in December, according to data released Thursday by the Labor Department, capping off a year of plummeting inflation.
The Consumer Price Index (CPI), a closely watched gauge of inflation, rose 0.3 percent in the final month of 2023 and 3.4 percent over the past year. While both the monthly and annual inflation rates came in higher than economists expected, 2023 ended with far slower price growth than the previous year.
The 2023 annual inflation rate is far lower than the 6.5 percent jump in prices seen in 2022, according to the Labor Department.
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