Market Updates
Consumer Inflation In January Advanced 0.5%
Brian Turner
14 Feb, 2023
New York City
The Consumer Price index increased 0.5% in January from the previous month and rose 6.4% from a year ago.
The data were released in a monthly report by the U.S. Bureau of Labor Statistics Tuesday.
Core inflation, excluding food and energy, rose 0.4% from the previous month and advanced 5.6% over the year ending in January.
The overall inflation was the smallest since October 2021 and core inflation rose at a slower pace since December 2021.
The index for shelter was the largest contributor to the monthly inflation and the indexes for food, gasoline, and natural gas also showed significant increases.
The food index increased 0.5% over the month while the food at home index rose 0.4%.
The energy index increased 2.0% from the month as all major energy component indexes rose after crude oil and natural gas prices traded higher.
Despite the moderating inflation, price increases are widening to services from the goods sector of the economy and inflation is still significantly higher than the target set by the policymakers at the Federal Reserve.
The Federal Reserve has increased rates by eight times in the last one year but inflation is still above 2%.
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