The U.S. Bureau of Labor Statistics is reporting that the Consumer Price Index for All Urban Consumers (CPI-U) was up 0.5% in January, 2023. The all items index was up 6.4% for the 12 months ending in January. The BLS says the index for shelter was by far the largest contributor to the monthly all items increase, accounting for nearly half of the monthly all items increase, with the indexes for food, gasoline, and natural gas also contributing.
“The shelter index was the dominant factor in the monthly increase in the index for all items less food and energy, while other components were a mix of increases and declines.”
News site CNBC took a deeper look into January’s numbers, illustrated in the chart below: