U.S. consumer-facing inflation increased 3.1% year-over-year (not seasonally-adjusted), according to the Census Bureau’s latest all-items index for its monthly Consumer Price Index. That annual figure topped Wall Street Journal economists’ expectations of a 2.9% gain.
It followed 12-month increases of 3.4% in December and 3.1% in November.
On a monthly basis, overall consumer inflation increased 0.3% in January — identical to December.
The CPI’s index for shelter continued to rise in January, up 0.6% from December and contributing over two-thirds of the monthly all-items increase. January’s food index increased 0.4% (+0.2% in Dec.), while the energy index fell 0.9% (+0.4% in Dec.) amid a decline in the gasoline index.
The index for all items less food and energy — known as “core inflation — rose 0.4% in January (+0.3% in Dec. and Nov.). Indexes that increase in January vs. December include shelter, motor vehicle insurance and medical care. The indexes for used cars and trucks and apparel were among those that decreased.
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