US Consumer Price Index Rises 3.0% Year-Over-Year in January

On Wednesday, the US Bureau of Labor Statistics (BLS) reported that the Consumer Price Index for All Urban Consumers (CPI-U) increased 0.5% on a seasonally adjusted basis in January. This follows increases of 0.4% in December and 0.3% in November. Over the past 12 months, the all-items index has increased 3.0% before seasonal adjustment.

The index for shelter rose 0.4% in January, accounting for nearly 30% of the monthly all-items increase. The energy index rose 1.1% over the month, as the gasoline index increased 1.8%. The index for food rose 0.4%, as the index for food at home advanced 0.5% and the index for food away from home increased 0.2%.

The index for all items less food and energy rose 0.4% in January. Indexes that increased over the month include motor vehicle insurance, recreation, used cars and trucks, medical care, communication, and airline fares. The indexes for apparel, personal care, and household furnishings and operations were among the few major indexes that decreased.

The all-items index rose 3.0% for the 12 months ending in January, after rising 2.9% over the 12 months ending December. The all-items less food and energy index rose 3.3%. The energy index increased 1.0%. The food index increased 2.5%.