The Labor Department reported that consumer prices in the US rose in January.
The Bureau of Labor Statistics reported that the Consumer Price Index increased by 0.5% in January. Over the past year, it has risen by 6.4%. Although January's rate is lower than the peak of these increases, it is still higher than most economists consider appropriate.
According to the Bureau of Labor Statistics, the index for shelter was the biggest contributor to the overall increase in consumer prices in January. Other food and energy components also contributed to the overall increase in consumer prices. The food at home index increased by 0.4 percent, while the energy index gained 2.0 percent.
The Bureau of Labor Statistics initially reported that the consumer price index decreased by 0.1% in December. However, they then revised their numbers and reported that it increased by 0.1%.
The energy and food costs outpaced the overall trend during the past year. Food costs increased by 10.1% during the same period.
The price changes in January were different across different categories. Food and energy costs outpaced the overall trend during the past year.
In January, the Bureau of Labor Statistics reported that various categories, such as shelter, recreation, apparel, and motor vehicle insurance, contributed to the overall increase. Some of the other factors that decreased in January included airline fares and used cars and trucks.
The preceding article is a summary of an article that originally appeared on Headline USA