Consumer Prices Rose 0.5% in January

The Consumer Price Index grew 0.5% in January on a seasonally adjusted basis, according to U.S. Bureau of Labor Statistics. This followed a 0.2% December increase. Over the last 12 months, the all-items index rose 2.1%.

Prices for all items less food and energy, the “core CPI,” grew 0.3% in January, following a 0.2% December increase. The index rose 1.8% for the 12 months ending in January.

The food index rose 0.2%, while prices for food at home increased 0.1%. Food away from home grew 0.4%. Over the past 12 months, food prices are up 1.7%.

The energy index rose 3.0% in January after a .2% decline in December. The January increase was driven by a 9.5% increase in fuel oil prices. The energy index rose 5.5% in the last twelve months.

Read the BLS release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.