As of January 2023, the Consumer Price Index (CPI) is a measure of inflation that is used to track changes in the price of a basket of goods and services purchased by households in the United States. It provides valuable insight into the overall cost of living for Americans and is an important economic indicator used by policymakers and businesses alike.
According to the latest data released by the Bureau of Labor Statistics, the CPI increased by 0.5% in January 2023, which is the same increase as in December 2022. Over the past 12 months, the CPI has risen by 6.2%, which is the largest year-over-year increase in over 40 years. This substantial increase is primarily due to rising prices for energy, food, and shelter, which account for a significant portion of the CPI basket.
Overall, the January 2023 CPI data suggests that inflation continues to be a significant concern for American households and businesses. While the Federal Reserve has implemented measures to address inflation, including raising interest rates, it remains to be seen whether these actions will be enough to curb rising prices in the long term.
Econreviews 