The December monthly Consumer Price Index (CPIU) increased 0.4% after rising 0.3% in November. Energy prices accounted for more than 40% of the monthly all items increase with a rise of 2.6% in December. The index for food increased 0.3% with food at home and food away from home both rising 0.3%. The index of all items less food and energy increased 0.2%, breaking the previous four-month trend of a 0.3% increase per month. The annual inflation rate for December is 2.9%, 0.2 percentage points higher than in November. Core inflation (all items less food and energy) was 3.2% in December. The Phoenix CPI is available on even months, and the December 12-month price change for the metropolitan area was 1.6%. This was 1.3 percentage points lower than the nation. Of the local areas that the U.S. Bureau of Labor Statistics collects data on, the Phoenix metropolitan area had the 2nd lowest inflation increase behind Houston, Texas, which saw a December 12-month price change of 1.0%. – Connor…..