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The
Consumer Price Index for All Urban Consumers (CPI-U) increased 0.6% in January (+0.5%
expected). Increases
in the indexes for food, electricity, and shelter were the largest contributors
to the seasonally adjusted all-items increase. The food index rose 0.9% in
January following a 0.5% increase in December. The energy index also increased
0.9% over the month, with an increase in the electricity index being partially
offset by declines in the gasoline index and the natural gas index.
The
index for all items less food and energy rose 0.6% in January, the same
increase as in December. This was the seventh time in the last 10 months it has
increased at least 0.5%. Along with the index for shelter, the indexes for
household furnishings and operations, used cars and trucks, medical care, and
apparel were among many indexes that increased over the month.
The
all-items index rose 7.5% for the 12 months ending January, the largest
12-month increase since the period ending February 1982. The all-items less
food and energy index rose 6.0%, the largest 12-month change since the period
ending August 1982. The energy index rose 27.0% over the last year, and the
food index increased 7.0%.
The
Producer Price Index for final demand increased 1.0% in January (+0.5% expected).
This rise followed advances of 0.4% in December 2021 and 0.9% in November. On
an unadjusted basis, final demand prices moved up 9.7% for the 12 months ended
January 2022.
In
January, the index for final demand services rose 0.7%, and prices for final
demand goods moved up 1.3%.
Prices
for final demand less foods, energy, and trade services increased 0.9% in
January 2022, the largest increase since rising 1.0% in January 2021. For the
12 months ended January 2022, the index for final demand less foods, energy,
and trade services moved up 6.9%.
Final Demand
Final
demand services: Prices for final demand services advanced 0.7% in January, the
same as in December. Three-fourths of the rise in January can be traced to a
0.9% increase in the index for final demand services less trade,
transportation, and warehousing. Likewise, margins for final demand trade
services moved up 0.6%. (Trade indexes measure changes in margins received by
wholesalers and retailers.) Prices for final demand transportation and
warehousing services were unchanged.
Product
detail: A major factor in the January increase in the index for final demand
services was hospital outpatient care prices, which rose 1.6%. The indexes for
machinery and vehicle wholesaling; apparel, jewelry, footwear, and accessories
retailing; traveler accommodation services; portfolio management; and truck
transportation of freight also moved higher. Conversely, margins for fuels and
lubricants retailing fell 9.7%. The indexes for transportation of passengers
(partial) and for physician care also decreased.
Final
demand goods: Prices for final demand goods advanced 1.3% in January after
declining 0.1% in December. Over 40% of the broad-based increase can be traced
to a 0.8% rise in the index for final demand goods less foods and energy.
Prices for final demand energy and for final demand foods also moved higher,
2.5% and 1.6%, respectively.
Product detail: Within the final demand goods category in January, the index for motor vehicles and equipment rose 0.7%. Prices for diesel fuel, gasoline, beef and veal, dairy products, and jet fuel also increased. In contrast, the index for iron and steel scrap decreased 10.7%. Prices for unprocessed finfish and for natural gas also moved lower.
The not-seasonally adjusted price indexes we track all advanced on both a MoM and YoY basis.
The foregoing comments represent the
general economic views and analysis of
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