Excluding food and energy costs, which tend to be more volatile, prices rose 5.2% over the same period. It was the fastest progress since April 1983.
For January, prices rose 0.6%, or 0.5% excluding energy and food, in line with economists’ expectations but at a faster rate than the previous month.
Steady entry but high prices
Friday’s data release shows that January was not an interesting month for Americans. While income did not budge, prices – and thus spending – rose.
This was the worst month for personal income since September, when it actually declined. Income available for spending rose 0.1%, also the worst performance since September.
The report also showed that consumer spending rose 2.1%, reversing the downward trend from December. In fact, it was the best month to spend since March of last year.
This is an evolving story. It will be updated
More Stories
Journalists convicted in Hong Kong sedition case
Stand News: Hong Kong journalists convicted of sedition in case critics say highlights erosion of press freedom
Shark decapitates teen off Jamaica coast