The Consumer Price Index rose 0.3% in December, higher than the estimated 0.2% increase. Headline CPI increased 3.4% in 2023 compared to an estimated 3.2%. Core CPI rose 0.3% month-over-month and 3.9% year-over-year, above estimates. Much of the increase was due to higher shelter costs, which rose 0.5% and accounted for over half of core CPI growth. Food prices increased 0.2% while energy rose 0.4% after declining in November.