The U.S. Department of Labor released the Consumer Price Index today.
The Consumer Price Index for All Urban Consumers (CPI-U) for January 2008 increased 0.497% from the previous month before seasonal adjustments. Compared to January 2007, CPI-U increased by 4.280%. Core CPI (CPI without food or energy components) increased by 0.368% compared to December and 2.466% compared to January 2007.
Food and beverage prices increased by 0.919% compared to the previous month. Energy prices increased by 0.901% compared to the previous month.
Core CPI strips out the volatile swings of food and energy prices. As discussed in this previous post on CPI, if the food and energy price changes don’t reverse, then the price changes will creep into CPI. The core CPI is at the high end of the Fed’s comfort range.
Consumer Price Index data for February 2008 are scheduled for release on Friday, March 14, 2008, at 8:30 A.M. (EDT).
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