Inflation continued to moderate in December, a welcome sign for consumers. Gasoline prices plummeted and many other categories are pulling back.
Andrew HunterOn a monthly basis, other categories saw big swings from November to December.
Average gas prices fell to $3.09 a gallon on Dec. 26, from $3.53 a month earlier, according to weeklyThat's largely a function of lower global prices for crude oil, which is refined into gasoline. Oil prices — whichamid a supply shock due to Russia's unprovoked invasion of Ukraine — have broadly declined amid fear of potential recession and uncertainty about future energy demand, said Andrew Hunter, senior U.S. economist at Capital Economics.
Other categories with declines over the month of December included used cars and trucks , airline fares , and new vehicles and personal care, which each fell by 0.1%, according to the CPI report.
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