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February 14, 2023US CONSUMER PRICE INDEX, JANUARY 2023 The United States Consumer Price Index for All Urban Consumers increased 6.4% year-over-year in January 2023. This was below the 6.5% increase reported in December 2022, and the smallest 12-month increase since the period ending October 2021.
The seasonally adjusted index increased by 0.5% in January following a 0.1% gain reported in December. Shelter was the largest contributor and accounted for nearly half of the increase. The food index (+0.5%) and energy index (+2.0%) also contributed to the monthly increase. The index for all items less food and energy was up 0.4% in January.
The 12-month change in the CPI - all items less food and energy was 5.6% in January 2023, down from 5.7% for December 2022 . Over the past 12 months, the energy index increased 8.7%, the food index increased 10.1% and the shelter index increased 7.9%.
Note:
Canada and Nova Scotia January 2023 CPI figures will be released on February 21, 2023.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from FRED, Federal Reserve Bank of St. Louis
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