January inflation breakdown: Where are prices still rising the fastest?

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Inflation roseate faster than expected successful January arsenic an summation successful nan costs of rent and nutrient kept prices elevated for millions of U.S. households. 

The Labor Department said Tuesday that nan user value index, a wide measurement of nan value of mundane equipment including gasoline, groceries and rent, roseate 0.3% successful January from nan erstwhile month. Prices climbed 3.1% from nan aforesaid clip past year.

Both of those figures came successful higher than nan 0.2% monthly summation and 2.9% header fig forecast by Refinitiv economists.

"Inflation is mostly moving successful nan correct direction… But it’s important to retrieve that a little ostentation complaint does not mean that prices of astir things are falling," said Lisa Sturtevant, Bright MLS main economist. "Rather, it simply intends that prices are rising much slowly. Consumers are still emotion nan pinch of higher prices for nan things they bargain astir often."

Here is simply a breakdown of wherever Americans are seeing prices rising and falling nan fastest arsenic they proceed to wrestle pinch sticker shock.

INFLATION CLIMBS FASTER THAN EXPECTED IN DECEMBER AS HIGH PRICES PERSIST

Housing costs were erstwhile again nan biggest driver of ostentation past month. Rent costs roseate 0.6% for nan period and are up 6.1% from nan aforesaid clip past year. 

Rising rents are concerning because higher lodging costs astir straight and acutely impact family budgets. Another information constituent that measures really overmuch homeowners would salary successful balanced rent if they had not bought their location besides climbed by 0.6% from nan erstwhile month.

"Overall ostentation continues to grind lower, but nan driblet successful halfway ostentation virtually crushed to a halt past month, chiefly because of shelter prices," said Robert Frick, firm economist pinch Navy Federal Credit Union.

RISING CHILD CARE PRICES STARTING TO BITE US FAMILIES

Food has been 1 of nan astir visceral reminders of red-hot ostentation for Americans. In January, nan costs of groceries accrued for nan 10th consecutive month.

Grocery prices climbed 0.4% complete nan people of nan month, according to nan data. On an yearly basis, prices stay up 1.2% compared pinch nan aforesaid clip past year.

The costs of eggs surged 3.4% successful January amid different outbreak of nan avian flu. Consumers besides paid much for different staples, including breadstuff (0.3%), pork chops (0.4%), juices (1.4%), snacks (0.6%), java (0.6%) and caller vegetables for illustration potatoes (0.9%), lettuce (1.1%) and tomatoes (4.6%). 

However, location were besides immoderate important declines successful nutrient prices past month. The costs of milk, meats for illustration beef and veal, pork and ham and caller fruits including apples, bananas and citrus fruits, each fell successful January.

CREDIT CARD DEBT RISING IN DOUBLE-EDGED SWORD FOR ECONOMY

Energy prices ticked little successful January, helping to offset immoderate of nan different value increases successful nan economy. Prices fell 0.9% during nan month, including a 3.3% alteration successful gasoline.

The mean costs of a gallon of state fell to $3.07 past month, according to AAA. Prices person risen since then, pinch nan mean costs hovering astir $3.22 per gallon connected Tuesday.

THE NUMBER OF HIGH-PAYING JOB OPPORTUNITIES IS DWINDLING

"Consumers are seeing a batch of alleviation from ostentation among value categories that alteration rapidly, for illustration gasoline and utilized cars," said Bill Adams, main economist for nan Dallas-based Comerica Bank. "They are seeing little alleviation for services whose prices alteration slowly, and successful fact, ostentation successful these categories continues to tally reasonably hot."

Electricity costs roseate 1.2% successful January and stay 3.8% higher than nan anterior year.

There was immoderate bad news for Americans looking to bargain a caller car successful January.

The cost of caller cars inched higher past month, rising 0.2%, and remains up 0.3% twelvemonth complete year.

But utilized car and motortruck prices – which were a awesome constituent of nan ostentation spike successful 2022 – tumbled 3.4% successful January. Prices stay down 3.5% from nan aforesaid clip past year.

There's different problem for car owners: rising security costs. Auto security jumped 1.4% successful January, aft rising nan erstwhile 2 months. On an yearly basis, prices are up a stunning 20.6%.

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Airline tickets continued to inclination upward successful January, rising 1.4% complete nan long of nan month.

The costs of tickets is down astir 6.4% erstwhile compared pinch past year, according to nan data.