The consumer price index (CPI) for jewelry soared 9 percent year on year to 180.5 points in November, marking the second consecutive month with a reading above 180 points. However, November’s reading was slightly lower than the record high set in October. The jewelry CPI is based upon the reference point of average prices in 1986, which is set at 100 points.
November’s reading was also the 46th consecutive month greater than 150 points indicating the prolonged period of higher precious metals prices and, more recently, the increases related to diamonds and gemstones. Since gold and platinum have dropped considerably this past month, it is conceivable that the CPI reading for December will reflect softer product prices.
So far this year, each month registered inflation increases from the previous month except for May, September and November.
Meanwhile, the CPI for all product categories rose 3.4 percent year on year in November to 226.72 points, just slightly less than the record high set in September. The base period for that overall reading was provided by an average of 100 points taken from 1982 to 1984.