Summary:
US January inflation was up 3.1%, down from 3.4% prior. High shelter costs burden consumers. Economists expected a 2.9% rise.
US CPI YoY Feb, 12/3/2023 (Tue)
Previous: 3.1% Forecast: 3.1%
inflation in the US increased 3.1% in January, down from 3.4% in the previous month, as stubbornly high shelter prices weighed on consumers. Economists had forecast an annual gain of 2.9%.
The increase in prices was the largest in four months. On a "core" basis, which strips out the more volatile costs of food and energy, prices climbed 3.9% over last year.
Noteworthily, annual inflation has remained above the 2% target. But the Fed's preferred inflation gauge, the core PCE price index, has come in below that rate on a six-month annualized basis.
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