Consumer prices rose more than expected in January. The latest report shows that prices are up 0.5% month to month and 6.4% since January 2022. Housing, energy, and food – especially eggs – accounted for much of the increase.
Prices were slightly higher than what economists expected, a sign that the descent from peak inflation last summer will not be smooth. This report may cause the Federal Reserve to raise rates higher and “for a longer period than previously anticipated,” according to Dallas Fed President Lorie Logan.
Each month, No Labels looks beyond the headline inflation number to see how costs are changing for the things that matter most to consumers — staples like milk, bread, and eggs, as well as gas and housing. Here’s this month’s Kitchen Table Index.
