Inflation stays stubbornly high in January

Tue, 02/14/2023 - 08:39

People looking at avocados in a store — Customers shop for avocados at a Costco store on February 10, 2023 in Novato, California.
Justin Sullivan/Getty Images

US inflation leaped 6.4% in January, above the forecast of 6.2%.
That means the consumer price index slightly slowed again based on year-over-year changes but remains elevated.
Core CPI also climbed 5.6% from January 2022 to January 2023.

Inflation for the US dropped again in January based on year-over-year changes, but still starts off 2023 with high inflation.

The consumer price index (CPI) leaped 6.4% in January from a year ago in January 2022, according to unadjusted data out Tuesday from the Bureau of Labor Statistics. That means the year-over-year change surpassed the median forecast of 6.2%.

Additionally, this means CPI in January from a year earlier was just short of December's year-over-year change of 6.5%.