On Feb. 14, the U.S. Bureau of Labor Statistics said the Consumer Price Index for All Urban Consumers (CPI-U) rose 0.5% in January on a seasonally adjusted basis after increasing 0.1% in December.
Over the past 12 months, the all-items index increased 6.4% before seasonal adjustment, according to BLS data.
The index for shelter was the largest contributor to the monthly all-items increase, accounting for nearly half of the monthly all items increase, with the indexes for food, gasoline and natural gas also contributing, the BLS said. The food index increased 0.5% over the month, and the food-at-home index rose 0.4%. The energy index increased 2% over the month, as all major energy component indexes rose over the month.
The index for all items except food and energy rose 0.4% in January, the BLS said. Categories that increased in January include:
- Motor vehicle insurance
- Household furnishings
- Operations indexes
The indexes for used cars and trucks, medical care and airline fares decreased over the month, according to the data.
The all-items index increase for the 12 months ending January was the smallest 12-month increase since the period ending October 2021. The all-items excluding food and energy index rose 5.6% over the past 12 months, its smallest 12-month increase since December 2021.
The energy index increased 8.7% for the 12 months ending January, while the food index increased 10.1% over the last year, the BLS said.