The inflation rate for 2023 was 3.4% on an annual basis, as reported by the U.S. Department of Labor in December 2023
. This rate is lower than the 6.5% increase in prices seen in 2022
. The Consumer Price Index (CPI), a key inflation gauge, rose 0.3% on a monthly basis in December 2023 and 3.4% on an annual basis
. Excluding housing, the "supercore" measure of core services minus rent showed some progress, with an annual increase of 6.8% as of December
. Housing prices drove much of the December inflation jump, rising 6.2% in 2023
. Despite the acceleration, the annual rate of consumer-level inflation is down considerably from December 2022's rate of 6.5%
