New Consumer Price Index (CPI) data from the Bureau of Labor Statistics show consumer prices rose 0.5% in January and 3% from a year ago.
Wealth host Brad Smith discusses the specifics of how Americans' wallets were impacted by this inflation.
Grocery bills increased 0.5% month over month and 1.9% year over year. In particular, eggs rose 15% last month and 53% year over year. Other food items like orange juice and instant coffee saw price hikes, but cereal, bread, and vegetables dropped.
On a yearly basis, motor vehicle insurance increased nearly 12% and airfare prices surged 7%.
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This post was written by Josh Lynch
Consumer prices rose more than expected in January. Headline inflation rising half a percent in the month from the month prior and 3% from a year earlier during January, both higher than December's gains and more than what economists had expected. Let's take a closer look at how your wallet was affected. Your grocery bill may have gotten a bit bigger. Food at home, aka, your grocery prices increased half a percent in January from the month prior. The big deal here, egg prices. They rose more than 15% last month and are now up 53% from the prior year. The monthly egg increase was the largest since June of 2015. Egg prices are at an all-time high due to bird flu, which has hampered supply. And other breakfast staples, like orange juice and instant coffee, tracked monthly price increases and are also significantly higher from the prior year. Meats, poultry, and fish also got more expensive last month. But it's not all bad. Consumers are seeing relief in prices for cereal, bread, and fresh and frozen veggies. A couple other areas to highlight from the report. Shelter costs, they ticked up last month and are up 4.4% from last year. Gas prices rose 1.8% last month, but are still slightly lower from a year ago. And motor vehicle insurance costs rose further in January. Those costs are up nearly 12% from last year. This has been a sticky component of inflation. Meanwhile, if you're contemplating a trip, you may want to consider using your miles. Airfare costs rose in January and are up more than 7% since last year.
