By Nick Dobbins
February 2021
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported. The gasoline index continued to increase, rising 7.4 percent and accounting for most of the seasonally adjusted increase in the all items index. Although the indices for electricity and natural gas declined, the energy index rose 3.5 percent over the month. The food index rose slightly in January, increasing 0.1 percent as an advance in the index for food away from home more than offset a decline in the index for food at home. The index for all items less food and energy was unchanged. The indices for apparel, medical care, shelter, and motor vehicle insurance all increased over the month. The indices for recreation, used cars and trucks, airline fares, and new vehicles all declined in January.
The all items index rose 1.4 percent for the 12 months ending January, the same increase as for the period ending in December. The index for all items less food and energy also rose 1.4 percent over the last 12 months, a smaller increase than the 1.6 percent rise for the 12 months ending December. The food index rose 3.8 percent. In contrast to these increases, and despite rising in recent months, the energy index declined 3.6 percent over the last year.
