The Consumer Price Index (CPI) increased a seasonally adjusted 0.1% for January, according to a Labor Department report (link opens as PDF) released today. More expensive electricity was offset by cheaper clothing, cars, and air fares.
After increasing a revised 0.2% in December, analyst expectations proved spot-on for the start of 2014.
According to the report, the index's advance was primarily a result of more expensive electricity. The Labor Department's household electricity index posted its largest gains (1.8%) since March 2010, while natural gas and fuel oil prices also recorded rises. Cold weather pushed up the cost of natural gas, electricity, and other home energy sources.
Excluding more volatile food and energy prices, the CPI maintained its 0.1% bump, whereas analysts had anticipated a slightly stronger 0.2% increase. A 0.3% rise in the shelter index was the main push keeping gains constant.
Over the last 12 months the CPI has headed 1.6% higher, fueled primarily by a 2.1% jump in the energy index as well as a 2.6% increase in the shelter index and a 2.5% bump for medical care services.
-- Material from The Associated Press was used in this report.