The Consumer Price Index rose 6.4% between January 2022 and January 2023 as price pressure from household staples such as food and shelter remains elevated, according to a report from the Bureau of Labor Statistics.
The month-to-month increase of 0.5% exceeded analysts’ forecasts, while core inflation, which factors out the more volatile food and energy categories, rose 0.4%, also surpassing expectations. Food prices increased 0.5% and shelter prices increased 0.7% even as energy prices rose 2.0%.
“The pace of disinflation has slowed, and if a 0.5% monthly increase in headline and 0.4% in core prices are what passes for progress, we have low expectations,” Bankrate Chief Financial Analyst Greg McBride said in comments provided to The Daily Wire.
The most recent price level report comes one week after President Joe Biden said that “inflation is coming down” in his second State of the Union address. “Inflation has been a global problem because of the pandemic that disrupted…
