By Nick Dobbins
February 2022
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in January on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported. Increases in the indices for food, electricity, and shelter were the largest contributors to the seasonally adjusted all items increase. The food index rose 0.9% following a 0.5% increase in December. The energy index also increased 0.9%, with an increase in the electricity index being partially offset by declines in the gasoline index and the natural gas index. The index for all items less food and energy rose 0.6% in January, the same increase as in December. This was the seventh time in the last 10 months it has increased at least 0.5%. Along with the index for shelter, the indices for household furnishings and operations, used cars and trucks, medical care, and apparel were among many indices that increased over the month.
The all items index rose 7.5% for the 12 months ending January, the largest 12-month increase since the period ending February 1982. The all items less food and energy index rose 6.0%, the largest 12-month change since the period ending August 1982. The energy index rose 27.0% over the last year, and the food index increased 7.0%.
