February 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 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 indices for food, gasoline, and natural gas also contributing. The food index increased 0.5 percent with the food at home index rising 0.4 percent. The energy index increased 2.0 percent as all major energy component indices rose. The index for all items less food and energy rose 0.4 percent in January. Categories which increased include the shelter, motor vehicle insurance, recreation, apparel, and household furnishings and operations indices. The indices 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, its smallest 12-month increase since December 2021. The energy index increased 8.7 percent, and the food index increased 10.1 percent.
