Economy

Consumer price index January 2023:

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CPI rises 0.5% in January, more than expected and up 6.4% from a year ago

Inflation turned higher to start 2023, as rising shelter, gas and fuel prices took their toll on consumers, the Labor Department reported Tuesday.

The consumer price index, which measures a broad basket of common goods and services, rose 0.5% in January, which translated to an annual gain of 6.4%. Economists surveyed by Dow Jones had been looking for respective increases of 0.4% and 6.2%.

Excluding volatile food and energy, the core CPI increased 0.4% monthly and 5.6% from a year ago, against respective estimates of 0.3% and 5.5%.

Markets were volatile following the release, with the Dow Jones Industrial Average down about 200 points at the open and heading lower.

Rising shelter costs…



Source cnbc.com

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