CPI Unchanged in January

The Consumer Price Index was unchanged in January, as an increase in the index for all items less food and energy was offset by a decline in the energy index. Over the last 12 months, the index increased 1.3 percent after seasonal adjustment, driven by increases in prices for food and services less energy services.

The energy index fell 2.8 percent from the previous month and 6.5 percent from the previous year, as all of the major energy component indexes declined for the second consecutive month. On a monthly basis, the index for fuel oil fell most sharply, falling by 6.5 percent. Gasoline prices fell 4.4 percent on the month to its lowest level since March 2009.

Prices for all items less food and energy increased 0.3 percent, up 10 basis points from December’s gain. The increase for this index was broad-based as most major components rose. The indexes for shelter and medical care were the largest contributors however, rising 0.3 and 0.4 percent respectively.

The food index was unchanged during the month after declining in November and December. The food at home index fell 0.2 percent from December – the third consecutive monthly decline, while the index for food away from home rose 0.3 percent. The food index has increased by 0.8 percent over the past year.

Read the BLS release.