Free Trial

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

MNI BRIEF: Shelter Keeps US Inflation Above Expected In Jan

Photo by Breno Assis on Unsplash

Shelter inflation kept the U.S. January CPI increase at 6.4% from a year earlier, two tenths higher than analysts expected, though inflation continued to moderate from its peak in June.

Core CPI rose 0.4% from a month earlier and 5.6% year-on-year, its smallest rise since December 2021.

The smaller-than-expected slowdown in CPI may concern Federal Reserve officials, especially after a stellar January jobs report. (See: MNI: Fed's Peak Rate Looking Perkier As Jobs Boom-Ex-Officials) Inflation was 6.5% in December.

Shelter rose 0.7% in January and was by far the largest contributor to the headline increase, accounting for nearly half of the monthly rise, the Bureau of Labor Statistics said. Food rose 0.5% over the month and energy increased 2.0%. Overall headline CPI rose 0.5% from December.

Core goods inflation moderated to 1.4% on the year, but price pressures were generally stronger than expected, with apparel jumping 0.8% on the month and appliances 1.4%. Used cars and trucks inflation continued to cool, falling 1.9% over the month.

Source: BLS

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

To read the full story

Why Subscribe to


MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.