The Consumer Price Index for All Urban Consumers (CPI-U) climbed 0.6 per cent on a seasonally adjusted basis in January, according to the US Bureau of Labor Statistics.

Before seasonal adjustment, the all items index gained 7.5 per cent over the previous 12 months. Food, electricity and shelter index increases were the major contributors to the seasonally adjusted all items increase.

Following a 0.5 per cent increase in December, the food index increased by 0.9 per cent in January. The energy index rose 0.9 per cent over the month, with a gain in the electricity index offset in part by falls in the gasoline and natural gas indexes.

The all-items index increased 7.5 per cent in the year ended January, the highest 12-month increase since the year concluding February 1982. The all-items index excluding food and energy increased 6.0 per cent in a year, the highest 12-month growth since the year ending August 1982.

Over the last year, the energy index jumped by 27.0 per cent, while the food index increased by 7.0 per cent.

Movement in food

In January, the food index increased by 0.9 per cent. The food at home index grew 1.0 per cent month over month, following a 0.4 per cent increase in December. In January, five of the six major grocery store food category indexes climbed.

The cereals and bakery items index grew the greatest, up 1.8 per cent month on month. In January, the index for other food at home jumped by 1.6 per cent, while the index for dairy and related items increased by 1.1 per cent.

The index for fruits and vegetables increased by 0.9 per cent month over month, while the index for meats, poultry, fish, and eggs increased by 0.3 per cent. The only grocery store group index that did not rise in January was the nonalcoholic beverages index, which remained steady.

The food away from home index increased by 0.7 per cent in January, following a 0.6 per cent increase in December. Both the index for full-service meals and the index for limited-service meals increased 0.7 per cent month on month.

Energy

In January, the energy index increased by 0.9 per cent. The electricity index increased by 4.2 per cent in January. After significantly climbing in the autumn of 2021, the gasoline index dipped 0.8 per cent in January.

Prices of gasoline rose 0.1 per cent in January before seasonal adjustments. The natural gas index also fell in January, falling 0.5 per cent after losing 0.3 per cent in December. Over the last year, the energy index has risen 27.0 per cent, with all major energy component indexes rising as well.

Despite a drop in January, the gasoline index has risen 40.0 per cent in the last year. Over the last year, the natural gas index increased by 23.9 per cent, while the electricity index increased by 10.7 per cent.

All items, less food and energy

The index for all items except food and energy grew 0.6 per cent in January, reflecting the December increase. In January, the shelter index climbed by 0.3 per cent, while the rent index increased by 0.5 per cent and the owners’ equivalent rent index increased by 0.4 per cent.

The index for domestic furnishings and operations increased 1.3 per cent month over month after increasing 1.1 per cent in December. The index of used vehicles and trucks grew 1.5 per cent in January, down from the 3.3 per cent gain reported in December. In January, the medical care index increased by 0.7 per cent.

The index for hospital services climbed by 0.5 per cent, the index for prescription pharmaceuticals increased by 1.3 per cent, and the index for physicians’ services decreased by 0.1 per cent. Other indexes that climbed in January include recreation (+0.9 per cent), apparel (+1.1 per cent), personal care (+1.0 per cent), airline tickets (+2.3 per cent), and education (+0.2 per cent).

Only a few indexes fell in January, including accommodation away from home (-3.9 per cent) and wireless telephone services (-0.1 per cent). The new vehicle index remained constant month on month. Over the last year, the index for all items except food and energy increased by 6.0 per cent.

Shelter (+4.4 per cent) and used cars and trucks (+40.5 per cent) are major contributors to this growth. However, the growth is broad-based, with practically all component indices rising in the last year.