Inflation Up, But Nowhere Near 2.0%
The Consumer Price Index increased in January on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today.
- The CPI for All Urban Consumers was up 30 basis points. This was the largest increase since August when the CPI was up 0.4%
- Over the last 12 months, the all items index increased 1.4%before seasonal adjustment.
The biggest jump was the gasoline index which accounted for most of the increase in the all items index rising 7.4%in January alone.
- The only other big jump was in Apparel which saw a 2.2% jump in January
The biggest drop was the used car and truck index which fell 0.9% in January.
- New vehicles were also down with a 50 basis points drop