(AURN News) — Inflation remains a major thorn in the side of the American economy as new data out this week from the Bureau of Labor Statistics shows consumer prices increased last month.
The Consumer Price Index, a major barometer for inflation, increased 0.5% in January, following a 0.4% rise in December. Over the past year, the inflation rate has increased to 3%.
Breaking down the data, shelter increased 0.4%, energy rose 1.1%, gas increased 1.8%, and food prices increased 0.4%. When it comes to food prices, meats, poultry, fish, and eggs rose 1.9%.
The Bureau of Labor Statistics also noted that the prices of motor vehicle insurance, recreation, used cars and trucks, medical care, communication, and airline fares all increased in January.
Click play to listen to the AURN News report from Jamie Jackson:
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