The Consumer Price Index rose 6.4% between January 2022 and January 2023 as price pressure from household staples such as food and shelter remains elevated, according to a report from the Bureau of Labor Statistics.
The month-to-month increase of 0.5% exceeded analysts’ forecasts, while core inflation, which factors out the more volatile food and energy categories, rose 0.4%, also surpassing expectations. Food prices increased 0.5% and shelter prices increased 0.7% even as energy prices rose 2.0%.
“The pace of disinflation has slowed, and if a 0.5% monthly increase in headline and 0.4% in core prices are what passes for progress, we have low expectations,” Bankrate Chief Financial Analyst Greg McBride said in comments provided to The Daily Wire. Read more…