Consumer Price Index Increases 0.3% in January 2021

According to the U.S. Bureau of Labor Statistics (BLS) report released today (2-10-2021) the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% on a seasonally adjusted basis. The all-items index rose 1.4% for the 12 months ending January 2021, the same increase as the period ending in December 2020. The gasoline index continued to increase, rising 7.4% in January and accounting for most of the seasonally adjusted increase in the all-items index. Although the indexes for electricity and natural gas declined, the energy index rose 3.5% over the month. The food index rose slightly in January, increasing 0.1% as an advance in the index for food away from home more than offset a decline in the index for food at home. The index for all items less food and energy was unchanged in January.