Headline consumer prices were up 0.8 percent year over year in December, down from 1.3 percent in November. Declines in the energy commodities subindex (made up of gasoline and fuel oil) were responsible for much of the deceleration in the headline number since midyear. The energy commodities subindex fell 68.3 percent on a one-month annualized basis in December, marking the sixth consecutive monthly decline. The core measure, which excludes food and energy, was up 1.6 percent year over year, down from November's measure of 1.7 percent.
