Inflation surged in January by the most in three months, according to the latest Consumer Price Index, released Tuesday.
Despite the monthly increase of 0.5%, inflation continued to slow on a year-over-year basis to 6.4%, according to the Bureau of Labor Statistics. That’s down from December’s 6.5% but higher than economists’ expectations of 6.2%.
It’s the seventh consecutive month that annual inflation has declined.
Monthly prices were largely pushed up by shelter costs, which accounted for nearly half of the increase, the BLS reported. Higher costs for food, gasoline and natural gas also contributed.
On an annual basis, food prices remain well above overall inflation rates: Food-at-home prices are up