Prices continued to rise in in January, but at a slowed pace; up from 3.4% to 3.1% on a twelve month basis, according to the U.S. Bureau of Labor Statistics. Core price growth was flat, at 3.9% as compared with December.
The data for January slightly missed what was forecast; a reading of 2.9%, and a lower “core” reading, at 3.7%. Excluding the prices of gasoline and food, “core” prices were flat at 3.9% compared with those in December.
The information showed an unexpected hike in the cost of shelter, including rent and home ownership, climbing more than 6% on a twelve-month basis. Tuesday’s report is a sign elevated inflation continues to creep into at least parts of the American economy.