February 13, 2024
In January, the Consumer Price Index for All Urban Consumers (CPI-U) rose by 0.3 percent on a seasonally adjusted basis, following a 0.2 percent increase in December, according to the U.S. Bureau of Labor Statistics. Over the past year, the all items index climbed by 3.1 percent before seasonal adjustment.
The index for shelter saw a notable increase of 0.6 percent, making up over two thirds of the overall monthly rise in all items. Additionally, the food index rose by 0.4 percent, with both food at home and food away from home contributing to this increase. However, there was a contrasting decline in the energy index, which fell by 0.9 percent during the month, largely driven by a decrease in the gasoline index.
In January, the index for all items excluding food and energy experienced a 0.4 percent increase. Several indexes contributed to this rise, notably shelter, motor vehicle insurance, and medical care. However, some indexes saw decreases during the month, including used cars and trucks, as well as apparel.
For the 12-month period ending in January, the all items index increased by 3.1 percent, which is slightly lower compared to the 3.4 percent increase for the previous 12-month period ending in December. However, the all items index, excluding food and energy, maintained a consistent increase of 3.9 percent over the last year, matching the previous 12-month period. Notably, the energy index decreased by 4.6 percent for the 12 months ending in January, while the food index saw a 2.6 percent increase over the same period. These figures indicate some moderation in overall inflation, driven in part by fluctuations in energy prices, while underlying inflation excluding food and energy remained relatively stable.
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