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BLS: CPI increased 0.5% in January; Core CPI increased 0.4%


by Calculated Risk on 2/14/2023 08:32:00 AM

From the BLS:

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.5 percent in January on a seasonally
adjusted basis, after increasing 0.1 percent in December, the U.S. Bureau of Labor Statistics reported
today. Over the last 12 months, the all items index increased 6.4 percent before seasonal adjustment.

The index for shelter was by far 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 food index increased 0.5 percent over the month with the food at home index
rising 0.4 percent. The energy index increased 2.0 percent over the month as all major energy
component indexes rose over the month.

The index for all items less food and energy rose 0.4 percent in January. Categories which increased
in January include the shelter, motor vehicle insurance, recreation, apparel, and household furnishing
s and operations indexes. The indexes for used cars and trucks, medical care, and airline fares were
among those that decreased over the month.

The all items index increased 6.4 percent for the 12 months ending January; this was the smallest
12-month increase since the period ending October 2021. The all items less food and energy index rose
5.6 percent over the last 12 months, its smallest 12-month increase since December 2021. The energy
index increased 8.7 percent for the 12 months ending January, and the food index increased 10.1
percent over the last year.

emphasis added

Both CPI and core CPI were at expectations. I’ll post a graph later today after the Cleveland Fed releases the median and trimmed-mean CPI.

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