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US CPI Inflation Data – Check for January 2024 and previous months!

The consumer Price Index CPI measures the change within the prices of services and goods contained in a basket of customer products. To check the data table, stay tuned.

US CPI Inflation Data

The central bank pays very close attention towards this figure in its role of maintaining price stability.  

The consumer price index in the US rose by 3.1% year over year to 308.417 points within January 2024, easing from a 3.4% increase in December but exceeding the market consensus of a 2.9% advance.

Go through the table to check the details.

Particular  Seasonally adjusted changes from preceding month Un-adjusted

12-mos.

ended

Jan. 2024

Jul.

2023

Aug.

2023

Sep.

2023

Oct.

2023

Nov.

2023

Dec.

2023

Jan.

2024

All items 0.2 0.5 0.4 0.1 0.2 0.2 0.3 3.1
Food 0.2 0.2 0.2 0.3 0.2 0.2 0.4 2.6
Food at home 0.2 0.2 0.1 0.3 0 0.1 0.4 1.2
Food away from home 0.2 0.3 0.4 0.4 0.4 0.3 0.5 5.1
Energy 0 4.4 1.2 -2.1 -1.6 -0.2 -0.9 -4.6
Energy commodities -0.1 8.3 1.8 -4.3 -3.8 -0.7 -3.2 -6.9
Gasoline (all types) -0.2 8.3 1.6 -4.3 -4 -0.6 -3.3 -6.4
Fuel oil 2.1 11.2 6.4 -6.4 -1.1 -3.3 -4.5 -14.2
Energy services 0.1 0.1 0.3 0.4 1 0.3 1.4 -2
Electricity -0.4 0.2 0.8 0.4 1 0.6 1.2 3.8
Utility (piped) gas service 1.5 -0.3 -1.4 0.3 1.2 -0.6 2 -17.8
All items less food and energy 0.2 0.2 0.3 0.2 0.3 0.3 0.4 3.9
Commodities less food and energy commodities -0.3 -0.2 -0.2 0 -0.2 -0.1 -0.3 -0.3
New vehicles 0 0.2 0.2 -0.1 0 0.2 0 0.7
Used cars and trucks -1.5 -1.9 -1.8 -0.4 1.4 0.6 -3.4 -3.5
Apparel 0.1 0.2 -0.3 0 -0.6 0 -0.7 0.1
Medical care commodities 0.5 0.6 -0.3 0.4 0.5 -0.1 -0.6 3
Services less energy services 0.4 0.4 0.5 0.3 0.5 0.4 0.7 5.4
Shelter 0.5 0.3 0.6 0.3 0.4 0.4 0.6 6
Transportation services 0.8 1.6 0.7 0.9 1 0.1 1 9.5
Medical care services -0.3 0 0.2 0.2 0.5 0.5 0.7 0.6

What is US CPI Inflation?

The Customer Price Index (CPI) consists of a family of indexes that measures price change experienced through urban consumers.

Particularly the CPI measures the average modification in price over time of a market basket of consumer items and services.

The CPI is perhaps the most noted measure of customer inflation in the US and this is utilised by policy makers to analyse and understand the economy.

This is also broadly used by businesses and private citizens to adjust wages and to escalate the rents and other payments. The CPI also focuses on user experiences of inflation therefore the price sought is typically the customer’s out of pocket price, involving sales and excise taxes.

US CPI Inflation Data

How US CPI Inflation Measured

Inflation is an increase within the level of services and products that households buy. This is measured as the rate of change of those prices.

Typically prices raise over time but prices can also fall (a situation called deflation). The most well-known indicator of inflation is the CPI which measures the percentage change within the price of a basket of services and products consumed by households.

The CPI is calculated by the Bureau of Labor Statistics (BLS) and published once a quarter. To calculate the CPI inflation BLS collects prices for thousands of items which are grouped into 87 categories (or expenditure classes) and 11 groups.

Each quarter the ABS calculates the price change of every item from the previous quarter and aggregates them to work out the inflation rate for the whole CPI basket.

Will Shelter Inflation Slow?

The prices for motel and hotel rooms rebounded as did those for airline charges in January. The prices of motor vehicle insurance increased further.

Services of medical care are enhanced by around 0.7% with the cost of hospital services surging 1.6%, the most since October 2015.

The cost of health insurance rose solidly, but prescription medication charges recorded their highest decline since Feb 2021.

Service inflation jumped 0.7% the highest achieved in a year after advancing 0.4% in December. Excluding rental shelter, services rose 0.6% also the largest increase since January 2023 after achieving 0.4%.  

The CPI Number Revealed

The latest reading of the Consumer Price Index (CPI) shows the year rate of inflation dropped less than expected to 3.1 % in January 2024 from 3.4% in December.

Economists surveyed through FactSet expected last month’s price growth to come in at 2.9%.

Core CPI which excludes the more volatile energy and food prices and is basically considered a better gauge of underlying trends, rose by 3.9 percent, the same pace seen in December and above the 3.7% economists forecasted.

The officials of the Federal Reserve have warned that bringing inflation down to the central bank’s 2% target will be one kind of challenge.

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