CPI release
CPI report: January 2024
Consumer prices rose 3.1% in the 12 months through January 2024, down from 3.4% in December. Core inflation, which excludes food and energy, ran 3.9%. The CPI-U index stood at 308.417, a 0.5% change from the prior month (not seasonally adjusted).
The numbers
| Headline inflation (12-month) | 3.1% |
|---|---|
| Core inflation (12-month) | 3.9% |
| CPI-U index level | 308.417 |
| Change vs. prior month (NSA) | 0.5% |
What moved: inflation by category
Over the twelve months ending January 2024, prices rose fastest in motor vehicle insurance (20.6%), owners' equivalent rent (6.2%), rent of primary residence (6.1%), while utility (piped) gas service prices fell (-17.8%).
| Category | 12-month rate | vs. prior month (NSA) |
|---|---|---|
| Motor vehicle insurance | 20.6% | 1.8% |
| Owners' equivalent rent | 6.2% | 0.5% |
| Rent of primary residence | 6.1% | 0.3% |
| Shelter | 6.0% | 0.6% |
| Food away from home | 5.1% | 0.5% |
| Housing | 4.6% | 0.8% |
| Core (all items less food & energy) | 3.9% | 0.6% |
| Electricity | 3.8% | 2.8% |
| Recreation | 2.8% | 0.7% |
| Food | 2.6% | 0.6% |
| Transportation | 1.6% | -0.5% |
| College tuition and fees | 1.3% | -0.0% |
| Food at home | 1.2% | 0.7% |
| Medical care | 1.1% | 0.7% |
| New vehicles | 0.7% | 0.2% |
| Prescription drugs | 0.4% | -0.8% |
| Apparel | 0.1% | 1.7% |
| Education & communication | 0.0% | 0.4% |
| Used cars and trucks | -3.5% | -3.7% |
| Energy | -4.6% | 0.4% |
| Gasoline (all types) | -6.4% | -1.5% |
| Airline fares | -6.4% | 1.7% |
| Utility (piped) gas service | -17.8% | 1.6% |
Recent months
| Month | CPI-U | 12-month rate |
|---|---|---|
| January 2024 | 308.417 | 3.1% |
| December 2023 | 306.746 | 3.4% |
| November 2023 | 307.051 | 3.1% |
| October 2023 | 307.671 | 3.2% |
| September 2023 | 307.789 | 3.7% |
| August 2023 | 307.026 | 3.7% |
Put it in context
- The current inflation rate, to check whether this is still the latest reading
- What 2023 dollars are worth in 2024, the year-over-year conversion
- How the BLS turns 80,000 prices into this number
- How to read a CPI report, headline vs. core and what moves after release day
Source: U.S. Bureau of Labor Statistics, CPI-U, not seasonally adjusted (official CPI news releases). Category series are listed on the data sources page. See the methodology.