Inflation slowed to 6.4% in January

The Consumer Price Index increased 0.5% in January on a seasonally adjusted basis after rising 0.1% in December, according to the U.S. Bureau of Labor Statistics. Over the last 12 months, all items index increased 6.4%.

Prices for all items less food and energy, the “core CPI,” rose 0.4% in January, after increasing 0.4% in December.

The food index increased 0.5% in January, after rising 0.4% in December. The index for food at home rose 0.4% over the month, after rising 0.5% in December. In January, the increase was attributed to a rise in four of the six major grocery store food group indexes. Meats, poultry, fish, and eggs increased 0.7%, with the index for eggs up 8.5%. The index for cereals and bakery products rose 1.0% over the month. The food away from home index increased 0.6%, after rising 0.4% in December. The food index rose 10.1% over the last 12 months.

The energy index increased 2.0% in January after falling 3.1% in January. The gasoline index increased 2.4% over the month following a 7.0% decrease in January. The fuel oil index (not seasonally adjusted) rose 1.2% in January.

Read the BLS release.