Higher energy costs accounted for more than forty percent of the increase in the Consumer Price Index (CPI) in December, President Joe Biden’s last full month in office, the U.S. Bureau of Labor Statistics (BLS) reported Wednesday.

The CPI increased a seasonally-adjusted 0.4% from November as energy prices jumped 2.6%, dwarfing November’s 0.2% rise. The price of both gasoline (all types) and fuel oil rose 4.4%, month-to-month.

Excluding energy and food, “core” prices rose 0.2% over the month, slowing from November’s 0.3% increase.

For the year, the CPI increased 2.9% from December 2024, while the core index rose 3.2%. Notable price increases over the past 12 months include:

Meanwhile, the price of fuel oil fell 13.1% and that of used cars and trucks declined 3.3% over the year.

"President Biden's legacy will be the historic 21% inflation over his term and the carnage it inflicted on ordinary workers in terms of declining real wages and living standards,” Job Creators Network CEO Alfredo Ortiz said in a statement reacting to December’s BLS report:

“The final CPI reading of his presidency reveals Biden was never able to get a handle on runaway prices, with inflation accelerating once again and rising above expectations.

“Stubbornly high inflation, which acts as a painful regressive tax for those living on fixed incomes, is a direct result of Biden's reckless spending and anti-energy policies. It is the biggest reason voters ushered President Trump back into office." 

The business and economic reporting of CNSNews is funded in part with a gift made in memory of Dr. Keith C. Wold.