Friday, February 17, 2012

Consumer Prices Rose 0.2% in January

In January the consumer price index rose 0.2% according to a Bureau of Labor Statistics report released this morning, after failing to register growth in December. The year ago change from January 2011 is 2.9% for headline CPI. The increase in headline CPI was driven by higher prices charged at restaurants and higher gasoline prices.

Core prices rose 0.2% in January as well, increasing slightly from December’s 0.1% increase, due to increasing rents and apparel prices. The year ago change for core prices also increased slightly to 2.3%, from December’s 2.2%.

After falling 1.3% in December energy prices in January rose 0.2%, causing year over year growth of energy prices to fall to 5.7%, a decline from December’s 7.8% year over year increase and significantly less than September’s year over year increase of 19.6%. Food prices remained constant with December’s numbers rising 0.2%.

Price appreciation in core goods was driven by services and goods, as both saw prices rise 0.2%. The price of goods had previously fallen 0.1% in December. The price of services has remained at a constant 0.2% for over the past six months.

Read the report.

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