This week, the Joint Economic Committee released its Monthly Inflation Update for January. The headline Consumer Price Index (CPI-U) eased slightly ending at 2.39 percent year over year in January, ending lower than expected.
Core CPI, which excludes food and energy, was 2.50 percent year over year, compared to 2.64 percent in December.
Year over year, food price inflation was 2.88 percent, up 0.38 percentage points, and energy price inflation was -0.14 percent, down by 1.11 percentage points.
Regionally, inflation ended lower across the nation from December to January. CPI inflation was the highest in the Northeast (2.8 percent) followed by the West (2.7 percent), Midwest (2.4 percent) and then the South with the lowest inflation of 1.9 percent.
Year over year, real weekly earnings for all employees increased by 1.88 percent, a 1.22 percentage point increase and hourly earnings ended up 1.25 percent, a 0.26 percentage point increase.
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