URGENT: US CPI up in Jan

US Consumer Price Index (CPI) rose 0.5 per cent in January, up from December’s 0.4 per cent increase, bringing annual inflation to 3.0 per cent.

Shelter costs, up 0.4 per cent, contributed nearly 30 per cent of the monthly rise, while energy prices climbed 1.1 per cent, driven by a 1.8 per cent increase in gasoline. Food prices rose 0.4 per cent, with the cost of food at home up 0.5 per cent, led by a 15.2 per cent surge in egg prices.

Excluding food and energy, core inflation increased 0.4 per cent, with vehicle insurance up 2.0 per cent, medical care rising 2.6 per cent annually, and used cars and trucks increasing 2.2 per cent in January

Over the past year, core CPI rose 3.3 per cent, with shelter costs up 4.4 per cent, marking their slowest annual rise since early 2022.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama