CONSUMERS are seeing higher costs following President Trump’s inauguration, according to freshly released data on inflation.
The US Bureau of Labor Statistics announced on Wednesday morning that the Consumer Price Index, a measure of inflation, rose modestly in January.
Newly released data from the US Bureau of Labor Statistics revealed an uptick in inflation from December to January (Getty) The CPI announcement follows President Trump’s decision to impose tariffs (Getty)The CPI measures the average change in the cost of goods and services over time and is one of the main tools that the government uses to measure inflation, or rising costs.
The CPI increased by 0.5% in January from December’s numbers, according to the Bureau of Labor Statistics report.
The change follows a 0.4% increase in December and a 0.3% rise in November.
The year-over-year inflation rate stands at around 3%.
The numbers exceeded economists’ expectations of a month-on-month increase of around 0.3% and year-on-year prediction of 2.9%.
Price hikes in recent years have been very strong in January, according to Nick Timiraos, chief economics correspondent at The Wall Street Journal.
The beginning of the year is a time when businesses reset prices to reflect higher labor, energy, and food costs.
“Inflation is stuck above target, with risks skewed to the upside, activity is strong, and the labor market appears to have stabilized around full employment,” Bank of America economist Stephen Juneau told CNBC on Tuesday.
“If our January CPI forecast is correct, the case for the Fed to stay on hold will strengthen further,” he said.
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