Inflation in the U.S. rose at a faster-than-expected pace in January 2023 amid rising shelter, gas and fuel prices, according to a report from the Labor Department on Tuesday.
The consumer price index for January rose 6.4% on an annual basis and 0.5% compared to December 2022, which were higher than forecast from economists surveyed by Dow Jones of 6.2% and 0.4%, respectively.
Meanwhile, core CPI which excludes volatile food and energy prices rose 5.6% from a year ago and 0.4% monthly, compared to estimates of 5.5% and 0.3%, respectively.
Accelerating costs for shelter accounted for about half the monthly increase, increasing 0.7% for the month and up 7.9% from a year ago. Energy remained a significant contributor, up 2% and 8.7%, respectively, while food costs rose 0.5% and 10.1%, respectively.