By Tom Burnett CFA
On February 10, 2022, the Bureau of Labor Statistics reported that the Consumer Price Index rose 0.6% in January. This increase follows similar rates in recent months as the October rise was 0.9%, the November increase was 0.7% and the increase in December was 0.6%. Food, shelter and energy were the main contributors to the January increase. For the 12 months ending in January, the CPI rose 7.5%, the largest year-over-year increase since February 1982.
The Core Index (excluding food and energy) rose 0.6% in January, the same increase as in December. Over the past 10 months, the Core Index has increased by at least 0.5% in seven of those months. The Core Index increased by 6.0% over the past year, the largest increase since the period ending in August 1982. Energy prices have risen 27% in the year ending in January while food prices have gone up by 7% over that period.
The next Consumer Price Index report will be issued on March 10, 2022.
Tom Burnett CFA is Director of Research