February 2024
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on a seasonally adjusted basis, after rising 0.2 percent in December, the U.S. Bureau of Labor Statistics reported. The index for shelter continued to rise, increasing 0.6 percent and contributing over two thirds of the monthly all items increase. The food index increased 0.4 percent, as the food at home index increased 0.4 percent and the food away from home index rose 0.5 percent over the month. In contrast, the energy index fell 0.9 percent over the month owing in large part to the decline in the gasoline index. The index for all items less food and energy rose 0.4 percent in January. Indices which increased 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.
The all items index rose 3.1 percent for the 12 months ending January, a smaller increase than the 3.4 percent increase for the 12 months ending December. The all items less food and energy index rose 3.9 percent, the same increase as for the 12 months ending December. The energy index decreased 4.6 percent, while the food index increased 2.6 percent over the last year.
