February 13, 2024US CONSUMER PRICE INDEX, JANUARY 2024 The United States Consumer Price Index (not seasonally adjusted) for All Urban Consumers increased 3.1% year-over-year in January 2024. Compared to January 2023, prices were higher in food (+2.6%), shelter (+6.0%) and Transportation (+9.5%), and lower in energy (-4.6%). Notable other indexes increases over January 2023 were reported for motor vehicle insurance (+20.6%), recreation (+2.8%), personal care (+5.3%), and medical care (+1.1%).
The month-over-month (seasonally adjusted) change in the CPI was +0.3% in January 2024, following +0.2% in December 2023. Over the past month shelter continued to rise (+0.6%) marking the 45th consecutive month of growth. Shelter accounted for over two thirds of the monthly all-item CPI growth in January 2024. The food index increased 0.4% compared to the previous month. Energy prices declined 0.9% over December 2023 with decreases in fuel oil and gasoline offsetting gains in electricity and natural gas.
The CPI excluding food and energy rose 3.9% compared to January 2023. The CPI excluding food and energy index was up 0.4% compared to December 2023.
Note:
Canada and Nova Scotia January 2024 CPI figures will be released on February 20, 2024.
Sources:
Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted
US Bureau of Labor Statistics, retrieved from Federal Reserve Bank of St. Louis using the FRED API.