Consumer Prices Rose 0.3% in January

Washington, DC, February 13, 2024-The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3% in January on a seasonally adjusted basis, after rising 0.2% in December, the U.S. Bureau of Labor Statistics reported. Over the last 12 months, the all-items index increased 3.1% before seasonal adjustment.

The index for all items less food and energy rose 0.4% in January. 

The index for shelter continued to rise in January, increasing 0.6% and contributing over two thirds of the monthly all items increase. The food index increased 0.4% in January, as the food at home index increased 0.4% and the food away from home index rose 0.5% over the month.

In contrast, the energy index fell 0.9% over the month due in large part to the decline in the gasoline index.

Indexes which increased in January include shelter, motor vehicle insurance, and medical care. The index for used cars and trucks and the index for apparel were among those that decreased over the month.

The all items index rose 3.1% for the 12 months ending January, a smaller increase than the 3.4% increase for the 12 months ending December. The all items less food and energy index rose 3.9% over the last 12 months, the same increase as for the 12 months ending December. The energy index decreased 4.6% for the 12 months ending January, while the food index increased 2.6% over the last year.