Consumer Price Index Increases 0.6% in January 2022, Rising 7.5% Year-Over-Year

The U.S. Bureau of Labor Statistics (BLS) reported on Thursday (2-10-22) that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in January on a seasonally adjusted annual basis. This increase follows 0.5% in December, 0.8% in November, and 0.9% in October. Over the past 12-months, the all-item index has increased 7.5% before seasonal adjustment—the largest 12-month increase since the period ending February 1982.

The index for food rose 0.9% in January following a 0.5% increase in December (and larger increases in each of the three previous months). The index for food at home increased to 1.0% in January following 0.4% in December (after rising 0.8% in November). Over the past 12 months, the food at home index has increased 7.4%.

The energy index increased 0.9% in January after declining -0.4% in December. An increase in the electricity index was partially offset by declines in the gasoline and natural gas indices.

The index for all items less food and energy rose 0.6% in January following a 0.6% increase in December, a 0.5% increase in November, and a 0.6% increase in October.

The all-items index rose 7.5% for the 12-months ending in January, following a 7.0% year-over-year gain in December, a 6.8% year-over-year increase in November, and a 6.2% rise in October. The index for all items less food and energy rose 6.0% over the last 12 months—the largest 12-month change since the period ending August 1982. The energy index rose 27.0% over the last year, while the food index increased 7.0%.