Peach Tree Times

According to the U.S. Bureau of Labor Statistics (BLS), the Consumer Price Index (CPI) increased for the month of December.

On Jan. 12, the BLS released the Consumer Price Index data for the month of December 2021, which showed that the CPI for All Urban Consumers (CPI-U) increased by 0.5% for the month of December. The data also showed a 7% annual increase, which is the largest increase in 40 years, since 1982.

CNBC News reported that the Consumer Price Index is a measure of inflation, which takes into account the cost of food, clothing, shelter, fuels, drugs, transportation costs, medical fees and other essential goods and services. 

"Increases in the indexes for shelter and for used cars and trucks were the largest contributors to the seasonally adjusted all items increase," the BLS said in a release. "The food index also contributed, although it increased less than in recent months, rising 0.5% in December."

The CPI also rose 0.5% from November 2021, signaling that inflation has continued to grow on a month-to-month basis.

According to CNBC, one of the industries with the biggest price increases is energy. It is up over 29% compared to last year, and gasoline by itself has increased by nearly 50% in the same time period. For the month, fuel oil prices fell 2.4% and gasoline fell 0.5%.

Reuters highlighted that core CPI, which excludes food and energy, was still high. It marked a 5.5% annual increase.

BLS also released data on wages for American workers. Adjusted for the increase in inflation, average wages increased by a meager 0.1% from November to December 2021. Compared to last year, hourly wages decreased by 2.4% when accounting for inflation.

According to the U.S. Census Bureau, the average household income in the state of Georgia is $58,700. A 0.1% increase in wages would move that figure to $59,287.