The food CPI, including food-at-home and food-away-from-home, fell to 0.3% month-over-month in December from 0.5% in November. Although the annual gain remained in double digits, it came in at 10.4% in December compared to 10.6% in November.
Inflation has begun to cool from sky-high levels, and the wage growth in the tight labor market has buoyed the moods of consumers. Moreover, the University of Michigan’s index of consumer sentiment rose 8.2% to 64.6 this month.
