CPI Increased 0.3% in January; Core CPI increased 0.4%

by Calculated Risk on 2/13/2024 08:30:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on a
seasonally adjusted basis, after rising 0.2 percent in December, the U.S. Bureau of Labor Statistics
reported today. Over the last 12 months, the all items index increased 3.1 percent before seasonal
adjustment.

The index for shelter continued to rise in January, increasing 0.6 percent and contributing over two
thirds of the monthly all items increase
. The food index increased 0.4 percent in January, as the food
at home index increased 0.4 percent and the food away from home index rose 0.5 percent over the month.
In contrast, the energy index fell 0.9 percent over the month due in large part to the decline in the
gasoline index.

The index for all items less food and energy rose 0.4 percent in January. Indexes which increased in
January include shelter, motor vehicle insurance, and medical care. The index for used cars and trucks
and the index for apparel were among those that decreased over the month.

The all items index rose 3.1 percent for the 12 months ending January, a smaller increase than the
3.4-percent increase for the 12 months ending December. The all items less food and energy index rose
3.9 percent over the last 12 months
, the same increase as for the 12 months ending December. The energy
index decreased 4.6 percent for the 12 months ending January, while the food index increased 2.6
percent over the last year.
emphasis added

The change in both CPI and core CPI were above expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.