Updated: 13-Feb-26 09:20 ET
| January CPI |
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| Updated: 13-Feb-26 09:20 ET |
Highlights
- Total CPI increased 0.2% month-over-month in January (Briefing.com consensus: 0.3%) and was up 2.4% year-over-year, versus 2.7% for the 12 months ending in December.
- Core CPI, which excludes food and energy, increased 0.3% month-over-month (Briefing.com consensus: 0.3%) and was up 2.5% year-over-year, versus 2.6% for the 12 months ending in December.
Key Factors
- The food index was up 0.2% month-over-month and was up 2.9% year-over-year.
- The energy index was down 1.5% month-over-month and was down 0.1% year-over-year.
- The shelter index was up 0.2% month-over-month and up 3.0% year-over-year.
- The used cars and trucks index was down 1.8% month-over-month and was down 2.0% year-over-year.
- The apparel index was up 0.3% month-over-month and was up 1.7% year-over-year.
- The services index was up 3.2% year-over-year (services less rent of shelter was up 3.4% year-over-year).
- The all items index less food, shelter, and energy was up 2.1% year-over-year.
Big Picture
- The key takeaway from the report is that it showed some encouraging disinflation on a year-over-year basis, which the market will perceive as an opening for the Fed to consider additional rate cuts even with GDP growth running above potential.
| Category | JAN | DEC | NOV | OCT | SEP |
| All Items | 0.2% | 0.3% | -- | -- | 0.3% |
| Food and Beverages | 0.2% | 0.6% | -- | -- | 0.2% |
| Housing | 0.2% | 0.4% | -- | -- | 0.2% |
| Equivalent Rent | 0.2% | 0.3% | -- | -- | 0.2% |
| Apparel | 0.3% | 0.3% | -- | -- | 0.5% |
| Transportation | -0.3% | 0.0% | -- | -- | 0.8% |
| Vehicles | -0.5% | -0.3% | -- | -- | 0.0% |
| Motor Fuel | -3.2% | -0.3% | 2.7%% | -1.3% | 3.6% |
| Medical Care | 0.3% | 0.4% | -- | -- | 0.2% |
| Educ and Commun | 0.4% | -0.9% | -- | -- | 0.0% |
| Special Indices | |||||
| Core | 0.3% | 0.2% | -- | -- | 0.2% |
| Energy | -1.5% | 0.3% | -- | -- | 1.4% |
| Services | 0.4% | 0.3% | -- | -- | 0.2% |
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