US inflation is not slowing down
US inflation accelerated slightly in January, with steady increases in gas, electricity and food prices and only slightly cheaper gasoline, the Labor Department reported today.
Consumer prices were three percent higher in January than in the same month in 2024. Growth accelerated for the fourth consecutive month, from 2.9 percent in December, 2.7 percent in November and 2.6 percent in October.
The annual inflation rate is the highest since June, when it also stood at 3 percent. Excluding energy and food, prices in January were 3.3 percent higher than in the same month in 2024. In December, they rose by 3.2 percent.
Gasoline was only slightly cheaper in January than a year earlier — 0.2 percent. In December, its prices were 3.4 percent lower. However, gas prices rose sharply, 4.9 percent, just like in December. Electricity and food were 2 percent more expensive in January, the same as a month earlier.
The cost of renting or maintaining an apartment has increased significantly again by 4.4 percent, although somewhat less than in December. The monthly comparison also shows a stronger increase in consumer prices by 0.5 percent compared to December when they increased by 0.4 percent.
Monthly inflation is the highest since August 2023, when it also stood at 0.5 percent.
Excluding energy and food, consumer prices rose 0.4 percent from January, twice as much as a month earlier, reflecting a significant increase in the price of used vehicles and a significant increase in transportation costs.
