U.S. Consumer Prices Rose 2.4% Annually in January

The Consumer Price Index for All Urban Consumers increased 0.2% on a seasonally adjusted basis in January, with shelter costs rising 0.2% and contributing most to the overall increase. Food prices also rose 0.2%, while energy prices fell 1.5%. Over the last 12 months, consumer price index increased 2.4%. The core CPI, excluding food and energy, rose 0.3% in January. Airline fares (6.5%), personal care (1.2%), recreation (0.5%) and medical care (0.3%) saw increases, while the prices of used cars and trucks (-1.8%) and household furnishings and operations (-0.1%) declined. On a yearly basis, core inflation was 2.5%, with shelter up 3.0%.