Morningstar

January US CPI Report Shows Inflation at a 3.0% Annual Rate

Core CPI was at a 3.3% annual rate, above forecasts.

Collage illustration of a basket filled with groceries, featuring a dollar icon and a magnifying glass.

The Bureau of Labor Statistics reported that the Consumer Price Index rose 3.0% in January from year-ago levels, an uptick from December’s 2.9% rate. Year-over-year core CPI (which excludes volatile food and energy costs) rose 3.3%, below the December rate of 3.2%.

The CPI increased 0.5% month over month in January after rising 0.4% in December. Core CPI also rose 0.4%, below the December increase of 0.2%.

Economists expected consumer prices to rise 0.3% on a monthly basis in January, and for the annual inflation rate to rise to 2.9%, according to FactSet’s consensus estimates. Core inflation was forecast to rise 0.3%, keeping the annual rate steady at 3.2%.

CPI vs. Core CPI

Bureau of Labor Statistics. Data as of .

January CPI Report Key Stats

  • CPI increased 0.5% for the month after rising 0.4% in December.
  • Core CPI climbed 0.4% after rising by 0.2% in December.
  • CPI increased 3.0% year over year after an uptick of 2.9% the prior month.
  • Core CPI rose 3.3% from year-ago levels after rising 3.2% in December.

Consumer Price Index

Month-over-month changes.
Source: Bureau of Labor Statistics. Data as of .

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