The Consumer Price Index increased 0.3% in January on a seasonally adjusted basis, after rising 0.2% in December, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all items index increased 3.1% before seasonal adjustment.
Prices for all items less food and energy, the “core CPI,” rose 0.4% in January, following a 0.3% increase in December.
The index for shelter continues to rise in January, increasing 0.6% and contributing over two thirds of the monthly all items increase. The shelter index increased 0.4% the previous month.
The food index rose 0.4% in January, following an increase of 0.2% the prior month. The index for food at home increased 0.4% over the month, after it edged up 0.1% in December. The index for other food at home, which contains the index for sugar and sweets, the index for fats and oils, and the index for other foods, rose 0.6% in January. Four of the six major grocery store food group indexes increased over the month. The index for meats, poultry, fish, and eggs was unchanged over the month. The food away from home index rose 0.5% in January, after rising 0.3% in December.
The energy index fell 0.9% in January, after falling 0.2% in December. The gasoline index decreased 3.3% in January, following a 0.6% decrease in the previous month. The fuel oil index decreased 4.5% in January, following a 3.3% fall in the prior month. On the other hand, the electricity index and natural gas index rose 1.2% and 2.0%, respectively, over the month. The increase in energy services including electricity and utility gas service was not enough to offset the fall in energy commodities such as gasoline and fuel oil which largely contributed to the overall decrease of the energy index.
Read the BLS release.
