Consumer inflation rate at 3.1% in January
The U.S. government-measured year-over-year inflation rate in January was pegged at 3.1%, slightly lower than the annual rate recorded in December.
The Consumer Price Index for January was up 3.1% compared with a year ago, less than the 3.4% annual inflation rate in December.
The all-items less food and energy index rose 3.9% over the last 12 months, according to the CPI report, the same increase as for the 12 months ending December.
The energy index decreased 4.6% for the 12 months ending January, while the food index increased 2.6% over the last year, the report said.
The food at home (grocery) index rose 1.2% over the last 12 months. In the grocery category, the report said the fruits and vegetables index rose 1.1% over the 12 months ending in January, while the meats, poultry, fish, and eggs index decreased 0.9% over the year, and the dairy and related products index fell 1.1%.
The index for food away from home (restaurant) rose 5.1% over the last year, with the price index for limited-service meals rising 5.8% and inflation for full-service meals up 4.3% compared with year-ago levels.
Percent change in prices for January 2024 compared with January 2023 were:
- All (fresh and processed) fruits and vegetables — up 1.1%.
- Fresh fruits and vegetables — up 0.6%.
- Fresh fruits — up 1.9%.
- Fresh apples — down 8.9%.
- Fresh bananas — down 2%.
- Oranges — up 0.3%.
- Other fresh fruit — up 7.4%.
- Fresh vegetables — down 0.9%.
- Potatoes — down 0.3%.
- Lettuce — down 0.3%.
- Tomatoes — up 1.8%.
- Other fresh vegetables — up 1.1%.
Source: Bureau of Labor Statistics
