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Consumer prices up 3.1 percent from January 2023 to January 2024

February 22, 2024

Over the year ended January 2024, the Consumer Price Index for All Urban Consumers increased 3.1 percent. Food prices rose 2.6 percent, while energy prices decreased 4.6 percent. Prices for all items less food and energy increased 3.9 percent from January 2023 to January 2024, compared with increases of 5.6 percent in the year ended January 2023 and 6.0 percent for the year ended January 2022.

12-month percent change, Consumer Price Index, selected categories
Category January 2020 to January 2021 January 2021 to January 2022 January 2022 to January 2023 January 2023 to January 2024

All items

1.4 7.5 6.4 3.1

Food

3.8 7.0 10.1 2.6

Food at home

3.7 7.4 11.3 1.2

Food away from home

3.9 6.4 8.2 5.1

Energy

-3.6 27.0 8.7 -4.6

Energy commodities

-8.7 39.9 2.8 -6.9

Energy services

2.1 13.6 15.6 -2.0

All items less food and energy

1.4 6.0 5.6 3.9

Commodities less food and energy commodities

1.7 11.7 1.4 -0.3

Apparel

-2.5 5.3 3.1 0.1

New vehicles

1.4 12.2 5.8 0.7

Used cars and trucks

10.0 40.5 -11.6 -3.5

Medical care commodities

-2.3 1.4 3.4 3.0

Alcoholic beverages

2.4 2.7 5.8 2.3

Tobacco and smoking products

6.7 7.0 6.3 7.4

Services less energy services

1.3 4.1 7.2 5.4

Shelter

1.6 4.4 7.9 6.0

Medical care services

2.9 2.7 3.0 0.6

Transportation services

-4.1 5.6 14.6 9.5

Data are not seasonally adjusted.

Within all items less food and energy, prices for used cars and trucks declined 3.5 percent for the year ended January 2024 after falling 11.6 percent for the 12-months ended January 2023. The declines followed an increase of 40.5 percent from January 2021 to January 2022.

Consumer prices for new vehicles, up 0.7 percent, rose at a slower pace for the 12-months ended in January 2024 than for the same period one year earlier when they rose 5.8 percent. Prices also rose more slowly than a year earlier for apparel, medical care commodities, alcoholic beverages, shelter, medical care services, and transportation services.

Prices for tobacco and smoking products increased 7.4 percent from January 2023 to January 2024, compared with an increase of 6.3 percent for the year ended in January 2023.

These data are from the Consumer Price Index program and are not seasonally adjusted. To learn more, see "Consumer Price Index — January 2024." We also have more charts related to the latest Consumer Price Index news release.

SUGGESTED CITATION

Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily, Consumer prices up 3.1 percent from January 2023 to January 2024 at https://www.bls.gov/opub/ted/2024/consumer-prices-up-3-1-percent-from-january-2023-to-january-2024.htm (visited July 12, 2024).

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