The Consumer Price Index (CPI) for All Urban Consumers increased by 0.2% in January, lowering the annual inflation rate to 2.8%, down from 3%. Gasoline prices fell by 1%, while overall energy costs rose by 0.2%. Food prices also increased, with eggs seeing a notable 10.4% rise. Shelter costs continued to grow, particularly in rent, which increased by 0.3%. These figures align with a trend indicating easing inflation, exemplified by the core Personal Consumer Expenditure Index dropping to its lowest in two years.
In January, the Fed's preferred inflation indicator, the core Personal Consumer Expenditure Index, showed signs of decreasing, falling to its lowest level in two years.
February saw a 0.2 percent rise in the Consumer Price Index, marking a decline in the year-to-date inflation rate to 2.8 percent, down from 3 percent.
Energy costs overall rose by 0.2 percent, despite a 1 percent drop in gasoline prices, indicating mixed trends in energy expenditures.
Food costs increased by 0.2 percent, led by a significant spike in egg prices at 10.4 percent, highlighting volatile food inflation.
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