The Consumer Price Index (CPI) continues to rise despite the fact that it had a slight slowdown in January compared to December 2023, as reported by the Department of Labor (USDOL). Inflation registered at 3.1% in January, 2024, compared to 3.4% from last December.
Despite declining 0.3%, Americans are still experiencing how the incessant increase in prices continues to affect their personal finances. The Federal Reserve‘s goal is for the CPI to reach 2%, so it is still far from its goal.
On the other hand, the Bureau of Labor Statistics (BLS) - an agency integrated into the USDOL structure - indicated that underlying inflation, which is what affects products from all sectors with the exception of energy and food, was at 3.9%, the same as December 2023. The CPI for food - both for consumption at home and out - increased by 0.4%, while energy decreased by 0.9% compared to December.
The categories that increased in the last month were housing, car insurance, recreational activities, communications, personal care, education, air transportation and medical care.
