December US CPI: No Surprises in the Holiday Numbers

December 2025 CPI Report Overview

The Consumer Price Index (CPI) data for December 2025 brought mostly positive news. Core CPI increased by 12 basis points less than anticipated, primarily due to a milder rebound in core goods prices following November’s unexpectedly weak, shutdown-affected numbers.

Looking at the annual trend, core CPI remained unchanged at 2.6%. This marks an improvement compared to August’s 3.1% and the 3.2% rate recorded in December of the previous year. It’s worth noting that a technical factor involving shelter costs is slightly lowering the year-over-year CPI figures by about a tenth of a percentage point.

Despite these encouraging signs, some uncertainty remains regarding tariffs, especially with seasonal factors in the first quarter still at play.