Revisions Show U.S. Consumer Prices A Bit Firmer Than Previously Reported – By Lucia Mutikani (IB Times) / Feb 10, 2023
U.S. monthly consumer prices rose in December instead of falling as previously estimated and data for the prior two months was also revised up, which some economists said raised the risk of higher inflation readings in the months ahead.
The consumer price index edged up 0.1% in December rather than dipping 0.1% as reported last month, the Labor Department’s annual revisions of CPI data showed on Friday. Data for November was also revised higher to show the CPI increasing 0.2% instead of 0.1% as previously estimated. In October, the CPI rose 0.5%, revised up from the previously reported 0.4% increase.
The revisions were the result of recalculated seasonal adjustment factors, the model used by the government to strip out seasonal fluctuations from the data.
This routine procedure, which the Labor of Department’s Bureau of Labor Statistics undertakes every year, covered data from January 2018 through December 2022. The not seasonally adjusted data are not revised.
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