U.S. consumer prices rose more than expected in December, increasing by 0.3% month-on-month and 3.4% year-on-year, driven in part by rising rents. The cost of shelter accounted for over half of the increase in the consumer price index (CPI). Excluding volatile food and energy components, the core CPI rose 0.3% in December and 3.9% on a year-on-year basis.
