December 2024 | Released January 15, 2025


Consumer Price Index


From November 2024 to December 2024:

  • Headline CPI-U inflation was 0.39 percent.
    • Food price inflation was 0.31 percent.
    • Energy price inflation was 2.63 percent.
  • Core CPI-U inflation was 0.23 percent.

From December 2023 to December 2024:

  • Headline CPI-U inflation was 2.89 percent.
    • Food price inflation was 2.51 percent.
    • Energy price inflation was -0.52 percent.
  • Core CPI-U inflation was 3.24 percent.

Note: Core CPI-U excludes food and energy.





Table 1. Consumer Price Index

Dec 2024 Nov 2024 M/M difference Dec 2023 Y/Y difference
Month-over-month inflation
Consumer Price Index 0.39% 0.31% 0.08pp 0.23% 0.16pp
Core Consumer Price Index 0.23% 0.31% -0.08pp 0.28% -0.05pp
Food Consumer Price Index 0.31% 0.39% -0.08pp 0.21% 0.10pp
Energy Consumer Price Index 2.63% 0.20% 2.43pp -0.21% 2.84pp
Year-over-year inflation
Consumer Price Index 2.89% 2.75% 0.14pp 3.35% -0.46pp
Core Consumer Price Index 3.24% 3.32% -0.08pp 3.93% -0.69pp
Food Consumer Price Index 2.51% 2.38% 0.13pp 2.70% -0.19pp
Energy Consumer Price Index -0.52% -3.18% 2.66pp -2.02% 1.50pp


Table 2. Cleveland Federal Reserve Forecast

Cleveland Fed forecast Actual Forecast error
Month-over-month inflation
Consumer Price Index 0.21% 0.39% -0.19pp
Core Consumer Price Index 0.27% 0.23% 0.05pp
Year-over-year inflation
Consumer Price Index 2.79% 2.89% -0.10pp
Core Consumer Price Index 3.18% 3.24% -0.06pp


Real earnings


From November 2024 to December 2024:

For all employees on private nonfarm payrolls:

For production and nonsupervisory employees on private nonfarm payrolls:

Note: “Real” measures are those adjusted for inflation.

Note: Weekly earnings are a better estimate of income than hourly earnings because they take into account the amount of hours worked.


Table 3. Real Earnings Indicators

Dec 2024 Nov 2024 M/M difference Dec 2023 Y/Y difference
All employees
Real hourly earnings
Month-over-month -0.18% 0.09% -0.27pp 0.09% -0.27pp
Year-over-year 0.99% 1.26% -0.27pp 0.91% 0.08pp
Real weekly earnings
Month-over-month -0.11% 0.05% -0.16pp 0.09% -0.20pp
Year-over-year 0.71% 0.91% -0.20pp 0.90% -0.19pp
Production and non-supervisory
Real hourly earnings
Month-over-month -0.20% 0.00% -0.20pp 0.00% -0.20pp
Year-over-year 1.03% 1.23% -0.20pp 1.25% -0.22pp
Real weekly earnings
Month-over-month -0.24% 0.01% -0.25pp 0.36% -0.60pp
Year-over-year 0.69% 1.30% -0.61pp 1.21% -0.52pp


Upcoming releases


Date Time Release Data source
Jan 28 10:00 AM State Employment Update, December 2024 Bureau of Labor Statistics
Jan 30 08:30 AM Monthly GDP Update, Q4 2024 Advance Estimate Bureau of Economic Analysis
Jan 31 08:30 AM Monthly Expenditures Update, December 2024 Bureau of Economic Analysis
Feb 07 08:30 AM Monthly Employment Update, January 2025 Bureau of Labor Statistics
Feb 07 10:00 AM Monthly Debt Update, February 2025 U.S. Treasury
Feb 12 08:30 AM Monthly Inflation Update, January 2025 Bureau of Labor Statistics
Feb 13 10:00 AM Monthly Fiscal Update, January 2025 U.S. Treasury


Notes


Source: Bureau of Labor Statistics; JEC Republicans calculations

“pp” = percentage points; “M/M” = month over month; “Y/Y” = year over year

Consistent with the Bureau of Labor Statistics, monthly figures are seasonally adjusted. Discrepancy in change figures is possible due to rounding.