WASHINGTON – The January consumer price index rose the most since February 2013 with a broad-based surge.
The consumer price index surprised on the upside with a 0.6% increase, the same as for Tuesday's producer price index.
"It's not one thing, it's a lot of things," Bureau of Labor Statistics senior analyst Steve Reed told Market News International. He assembles the final report.
"There were several substantial increases," with only used cars and trucks a major offsetting factors.
While gasoline accounted for about half the increase, as expected, clothing, new vehicles and shelter were major contributors. However shelter softened to a 0.2% increase, backing away from the more frequent 0.3s recently.
The 12-month change for the CPI is now an increase of 2.5% through January, the biggest yearly change since through March 2012.
The core rate for CPI rose 0.3% in January and is up 2.3% in 12 months.
Market News International is a real-time global news service for fixed-income and foreign exchange market professionals. See www.marketnews.com.
