On a monthly basis, CPI rose by 0.3% in January, with stubbornly high shelter costs accounting for two-thirds of the gain, according to the BLS. “There’s the rate of inflation, which is coming down, then there’s the weight of inflation, which continues to mount. In December, the PCE price index and the core PCE price index were up 2.6% and 2.9% annually, respectively. - Scott Olson/Getty Images/File“On the goods side, you basically have zero inflation, month to month and year on year,” Dana Peterson, chief economist at the Conference Board, told CNN in an interview. It’s one of the reasons why restaurant price inflation is up 5.1% annually versus the 1.2% year-over-year gain at the grocery store.

Source: CNN February 13, 2024 14:33 UTC