Some goods and services became more affordable in January, the Labor Department reported Tuesday. Others did not.
The price of used cars and trucks dropped 1.9 percent in January nationally. Used vehicle proecs have been declining for months, and are down 11.6 percent compared to January 2022.The January inflation report released Tuesday by the Labor Department was a bit of a mixed bag for Houstonians exasperated by inflation.
At the same time, the Consumer Price Index ticked up 0.5 percent in January, compared to 0.1 percent in December. So we should expect the Fed to keep tapping those brakes. This one's the biggie, according to the Labor Department, accounting for nearly half of the monthly increase in the all-items index. That's in part because the shelter index takes up roughly a third of the CPI market basket — just as housing costs typically account for a big chunk of household spending.
But it's not just eggs. The price of cereals and bakery products, for example, rose 1 percent in January, partly as a result of the ongoing war in Ukraine, a major exporter of grain.Clothing hasn't actually seen much inflation over the year, rising just 3.1 percent since January 2022. But apparel prices increased 0.8 percent over the course of the month, after increasing just 0.2 percent in December — a busier month, generally speaking, for dressing-up occasions.
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