New Study Shows Cost of Living Nearly Steady

WASHINGTON, D.C. (WJON News) - The cost of living has remained reasonably steady over 2023, but we’re saving money at the grocery store.

That’s the takeaway from the latest Consumer Price Index from the U.S. Bureau of Labor Statistics.

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Megan Swietzer is an economist with the USDA. She says a trip to the grocery store is a little easier on the pocketbook.

(Egg) prices were 23.8% lower in December of 2023 compared to the year before that. We did see a jump in egg prices this month just in December by 8.9%. That was driven largely by new cases of avian influenza, which is what had caused the large spike in egg prices in 2022. And so we'll be watching to see how these new cases translate to retail egg prices going forward.

Notable food changes in the January CPI report:

• The index for meats, poultry, fish, and eggs rose 0.5 percent in December, led by an 8.9 percent increase in the index for eggs.
• The index for food at home rose 0.1 percent over the month.
• The index for nonalcoholic beverages rose 0.2 percent.
• The index for dairy and related products rose 0.3 percent.

A trip to the restaurant has gotten a little more expensive in the last year: 

• The food away from home index rose 0.3 percent in December, after rising 0.4 percent in November.
• The index for full-service meals rose 0.3 percent.
• The index for limited-service meals increased by 0.4 percent.

Other notable changes in the Consumer Price Index: 

• The shelter index increased 0.5 percent in December, after rising 0.4 percent the previous month, and the largest factor in the monthly increase in the index for all items is less food and energy.
• The gasoline index increased 0.2 percent in December, following a 6.0 percent decrease in the previous month.
• The index for electricity increased 1.3 percent over the month. In contrast, the natural gas index fell 0.4 percent over the month, after rising 2.8 percent the previous month.
• The fuel oil index decreased 5.5 percent in December.
• The index for hospital services increased 0.5 percent over the month and the index for physicians' services increased 0.2 percent.
• The prescription drugs index fell 0.4 percent in December.

To read the Consumer Price Index Summary from the U.S. Bureau of Labor Statistics,  find the report here.

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