Consumer prices rose more than expected last month



(The Center Square) – Prices rose more than expected in January, according to newly released federal inflation data.

The U.S. Bureau of Labor Statistics on Tuesday released its Consumer Price Index, a key marker of inflation, which reported that prices rose 0.3% last month.

The 0.3% increase leaves a total increase of 3.1% in the previous 12 months.

“The index for shelter continued to rise in January, increasing 0.6 percent and contributing over two thirds of the monthly all items increase,” BLS said in its report. “The food index increased 0.4 percent in January, 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 due in large part to the decline in the gasoline index.”

Some goods and services far outpaced the 3.1% average for the previous 12 months. Shelter prices rose 6% during that time and “transportation services” rose 9.5%.

Other goods and services even decreased in prices.

“The motor vehicle insurance index increased 1.4 percent in January, and the recreation index rose 0.5 percent in January,” BLS said. “Among other indexes that rose in January were communication, personal care, airline fares, and education. The medical care index rose 0.5 percent in January. The index for hospital services increased 1.6 percent over the month and the index for physicians’ services increased 0.6 percent. The prescription drugs index fell 0.8 percent in January.”

The price increases immediately drew fire to President Joe Biden.

“The data confirms what families have long known: Biden’s inflation is far from over,” Sen. Tom Cotton, R-Ark., wrote on X, formerly known as Twitter. “Skyrocketing grocery costs, higher rents, unaffordable mortgages and car loans — this is Bidenomics.”

Read the Black Chronicle Black History Edition for Free! Click Below

Read the Black Chronicle Black History Edition for Free! Click Below



Share post:


More like this

Washington taxpayers to pay more for school meals as program expands

(The Center Square) – More school districts across Washington...

Lee signs bill to allow Super Bowl contracts to remain hidden 10 years

(The Center Square) – Tennessee Gov. Bill Lee signed...

Moody’s upgrades Illinois’ credit outlook

(The Center Square) – A financial transparency expert is...

City of San Francisco gets better rent deal as downtown flounders

(The Center Square) - The city of San Francisco’s...