U.S. inflation rose 6.4% in January compared to January 2022 and increased 0.5% from December.
Economists had expected a 6.2% increase YoY and a 0.4% increase month to month. Core CPI, which excludes food and energy prices, rose 0.4% from December and 5.6% from last year.
- According to the Bureau of Labor Statistics (BLS), rising shelter costs accounted for half of the CPI’s monthly increase.
- Shelter rose 7.9% in January compared to last year and 0.7% month to month.
- Energy prices rose 8.7% in January, with fuel oil leading the category rising 27.7% in January compared to last year.
- Gasoline prices rose 1.5% YoY and 2.4% month to month.
- Food prices rose 10.1% in January compared to last year and 0.5% month to month.
- Egg prices are up more than 70% compared to last year.
- Though inflation shows signs of easing, the 0.5% in January from December may prompt more interest rate hikes from the Fed.
- Inflation rose 0.1% in December from November and 0.2% in November from October.
