The Consumer Price Index (CPI) rose 3.9% on an annual average basis in 2023, following a 40-year high increase of 6.8% in 2022 and a 3.4% increase in 2021. Aside from 2022, the annual average increase in 2023 is the largest since 1991. Excluding energy, the annual average CPI rose 4.5% in 2023 compared with 5.7% in 2022.
Chart 1
Annual average change in the Consumer Price Index (CPI) and the CPI excluding energy, 2009 to 2023
While prices rose...
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