Key Points:
- The Consumer Price Index (CPI) increased 0.6% in January and is up 7.5% in the last year, the highest rate since 1982.
- Price increases in the last year have been broad, impacting businesses and consumers.
- The food at home index rose 7.4% over the past 12 months.
- The largest increase in food was for meats, poultry, fish, and eggs, which increased 12.2% as the index for beef rose 16.0% over the year.
- The index for food away from home rose 6.4%, limited service meals rose 8.0%, and full service meals rose 7.1% over the last 12 months.
- The energy index rose 27.0% over the past 12 months as all the major energy component indexes increased.
- The gasoline index rose 40.0%, electricity increased 10.7%, and natural gas rose 23.9% over the last 12 months.
- The index for all items less food and energy rose 6.0% over the past 12 months.
- The index for used cars and trucks increased 40.5%, new vehicles increased by 12.2%, tobacco and smoking products increased by 7.0%, and apparel increased 5.3%.
- The Right Facts will continue to monitor inflation.