January 2023 Consumer Price Index

Historical release narrative reproduced from the official public-domain source. Statistical tables, standard technical appendices, administrative material and attendance rosters are omitted; formatting is adapted for reading. Figures retain the release's historical context and may have been revised. Consult the linked source for the complete document.

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.5 percent in January on a seasonally adjusted basis, after increasing 0.1 percent in December, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.4 percent before seasonal adjustment.

The index for shelter was by far the largest contributor to the monthly all items increase, accounting for nearly half of the monthly all items increase, with the indexes for food, gasoline, and natural gas also contributing. The food index increased 0.5 percent over the month with the food at home index rising 0.4 percent. The energy index increased 2.0 percent over the month as all major energy component indexes rose over the month.

The index for all items less food and energy rose 0.4 percent in January. Categories which increased in January include the shelter, motor vehicle insurance, recreation, apparel, and household furnishing s and operations indexes. The indexes for used cars and trucks, medical care, and airline fares were among those that decreased over the month.

The all items index increased 6.4 percent for the 12 months ending January; this was the smallest 12-month increase since the period ending October 2021. The all items less food and energy index rose 5.6 percent over the last 12 months, its smallest 12-month increase since December 2021. The energy index increased 8.7 percent for the 12 months ending January, and the food index increased 10.1 percent over the last year.

Food

The food index increased 0.5 percent in January, and the food at home index rose 0.4 percent over the month. Four of the six major grocery store food group indexes increased over the month. The index for other food at home rose 0.7 percent in January. The index for meats, poultry, fish, and eggs increased 0.7 percent over the month, as the index for eggs rose 8.5 percent. The index for cereals and bakery products rose 1.0 percent over the month, while the index for nonalcoholic beverages increased 0.4 percent in January.

In contrast, the fruits and vegetables index fell 0.5 percent over the month with the fresh vegetables index declining 2.3 percent. The index for dairy and related products was unchanged in January.

The food away from home index rose 0.6 percent in January, after increasing 0.4 percent in December. The index for limited service meals increased 0.7 percent over the month and the index for full service meals increased 0.5 percent.

The food at home index rose 11.3 percent over the last 12 months. The index for cereals and bakery products rose 15.6 percent over the 12 months ending in January. The remaining major grocery store food groups posted increases ranging from 7.2 percent (fruits and vegetables) to 14.0 percent (dairy and related products).

The index for food away from home rose 8.2 percent over the last year. The index for full service meal s rose 8.1 percent over the last 12 months, and the index for limited service meals rose 6.7 percent over the same period.

Energy

The energy index rose 2.0 percent in January, as the gasoline index increased 2.4 percent over the month. (Before seasonal adjustment, gasoline prices rose 3.2 percent in January.) The index for natural gas rose 6.7 percent over the month, and the index for electricity increased 0.5 percent.

The energy index rose 8.7 percent over the past 12 months. The gasoline index increased 1.5 percent over the span. The fuel oil index rose 27.7 percent over the last 12 months, while the index for electricity rose 11.9 percent, and the index for natural gas increased 26.7 percent over the same period.

All items less food and energy

The index for all items less food and energy rose 0.4 percent in January. The shelter index continued to increase, rising 0.7 percent over the month. The rent index and the owners' equivalent rent index each rose 0.7 percent since December. The index for lodging away from home increased 1.2 percent in January.

The shelter index was the dominant factor in the monthly increase in the index for all items less food and energy, while other components were a mix of increases and declines. Among the other indexes that rose in January was the index for motor vehicle insurance, which increased 1.4 percent over the month, while the index for recreation rose 0.5 percent, and the index for apparel increased 0.8 percent. The household furnishings and operations index rose 0.3 percent in January, and the communication index increased 0.4 percent.

The medical care index fell 0.4 percent in January, as the physicians' services index declined 0.1 percent. The index for hospital services increased 0.5 percent over the month and the index for prescription drugs rose 2.1 percent in January.

Other indexes which declined over the month include the index for used cars and trucks, which fell 1.9 percent in January, continuing a recent downward trend. The index for airline fares fell 2.1 percent over the month.

The index for all items less food and energy rose 5.6 percent over the past 12 months. The shelter index increased 7.9 percent over the last year, accounting for nearly 60 percent of the total increase in all items less food and energy. Other indexes with notable increases over the last year include household furnishings and operations (+5.9 percent), medical care (+3.1 percent), recreation (+4.8 percent), and new vehicles (+5.8 percent).

Not seasonally adjusted CPI measures

The Consumer Price Index for All Urban Consumers (CPI-U) increased 6.4 percent over the last 12 months to an index level of 299.170 (1982-84=100). For the month, the index increased 0.8 percent prior to seasonal adjustment.

The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 6.3 percent over the last 12 months to an index level of 293.565 (1982-84=100). For the month, the index increased 0.9 percent prior to seasonal adjustment.

The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 6.6 percent over the last 12 months. For the month, the index increased 0.8 percent on a not seasonally adjusted basis. Please note that the indexes for the past 10 to 12 months are subject to revision.

January 2023 Consumer Price Index Weight Update Starting with January 2023 data, BLS updated weights annually for the Consumer Price Index based on a single calendar year of data, using consumer expenditure data from 2021. This reflects a change from prior practice of updating weights biennially using 2 years of expenditure data. For more information about the weight update, see www.bls.gov/cpi/tables/relative-importance/home.htm

Updated Seasonal Factors Introduced February 10, 2023 Each year with the release of the January CPI, seasonal adjustment factors are recalculated to reflect price movements from the just-completed calendar year. This routine annual recalculation resulted in revisions to seasonally adjusted indexes for the previous 5 years. Recalculated seasonally adjusted indexes as well as recalculated seasonal adjustment factors for the period January 2018 through December 2022 were made available on Friday, February 10, 2023. The revised indexes and seasonal factors are available on www.bls.gov/cpi/seasonal-adjustment/home.htm