Consumer Price Index Increases 0.5% in January; All-Item Index Up 6.4% Year-Over-Year

The US Bureau of Labor Statistics on Tuesday (2-14-22) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% in January, on a seasonally adjusted basis, after declining 0.1% in December. Over the past 12 months, the all-item index has increased 6.4% before seasonal adjustment.

According to the BLS, the index for shelter was the largest contributor to the monthly all items increase, responsible for nearly half of the monthly all items increase, with the indexes for food, gasoline, and natural gas also contributing. The food index increased 0.5% over the month, with food at home index rising 0.4%. The energy index increased 2.0% over the month as all major energy component indexes rose during the month.

The index for all items less food and energy rose 0.4% in January. The following categories had increases: shelter, motor vehicle insurance, recreation, apparel, and household furnishings and operations. Used cars and trucks, medical care, and airline fares experienced decreases.

The index for all items less food and energy rose 6.4% for the 12-month period ending in January. This is the smallest 12-month increase since the period ending in October 2021. The all items less food and energy index rose 5.6% over the last 12 months, its smallest increase since December 2021. The energy index increased 8.7%, and the food index rose 10.1% over the past year.