Tuesday, February 14, 2023 — 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.
The food index increased 0.5 percent in January, and the food at home index rose 0.4 percent over the month. Four of the six major grocery store food group indexes increased over the month. The index for other food at home rose 0.7 percent in January. The index for meats, poultry, fish, and eggs increased 0.7 percent over the month, as the index for eggs rose 8.5 percent. The index for cereals and bakery products rose 1.0 percent over the month, while the index for nonalcoholic beverages increased 0.4 percent in January.
In contrast, the fruits and vegetables index fell 0.5 percent over the month with the fresh vegetables index declining 2.3 percent. The index for dairy and related products was unchanged in January.
The food away from home index rose 0.6 percent in January, after increasing 0.4 percent in December. The index for limited service meals increased 0.7 percent over the month and the index for full service meals increased 0.5 percent.
The food at home index rose 11.3 percent over the last 12 months. The index for cereals and bakery products rose 15.6 percent over the 12 months ending in January. The remaining major grocery store food groups posted increases ranging from 7.2 percent (fruits and vegetables) to 14.0 percent (dairy and related products).
The index for food away from home rose 8.2 percent over the last year. The index for full service meal s rose 8.1 percent over the last 12 months, and the index for limited service meals rose 6.7 percent over the same period.
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