A measure of inflation cooled in December 2023. The Commerce Department’s personal consumption expenditures price index increased 0.2% in December and 2.9% year over year excluding food and energy, CNBC reported. The increase in core inflation was up from 0.1% in November, but the annual rate declined from November’s 3.2%. The 12-month rate is the lowest since March 2021, CNBC reported.