Prices rose more than expected in January as inflation won't go away

February 13, 2024

Inflation rose more than expected in January as stubbornly high shelter prices weighed on consumers, the Labor Department reported Tuesday. Shelter prices, which comprise about one-third of the CPI weighting, accounted for much of the rise. "But it's important to remember that a lower inflation rate does not mean that prices of most things are falling — rather, it simply means that prices are rising more slowly. Generally, the inflation data had been encouraging, even if annual rates remain well above the Fed's 2% target. At the grocery store, ham prices fell 3.1% and eggs jumped 3.4%.