Inflation Inched Down to 6.4% in January

Washington, DC, February 14, 2023-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, the U.S. Bureau of Labor Statistics reported. 

Over the last 12 months, the all-items index increased 6.4% 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% over the month with the food at home index rising 0.4%. The energy index increased 2.0% over the month as all major energy component indexes rose over the month.

According to the Wall Street Journal, "U.S. inflation moderated in January from historic highs but the pace of easing showed signs of leveling off.

“The consumer-price index, a closely watched measure of inflation, climbed 6.4% in January from a year earlier, down from 6.5% in December, the Labor Department said Tuesday. That marked the seventh straight month of cooling in annual inflation since peaking at 9.1% in June, the highest reading since 1981.”