- Rents rose 0.5% last month in another of a series of sharp increases since last summer. The cost of rent — the biggest expense for many households —has jumped almost 4% in the past year.
- Food prices also increased again, up almost 1% in January. The cost of groceries have climbed 7.4% in the last 12 months — a 14-year high. Dairy and fruit showed the biggest increases last month.
- Energy prices rose almost 1% last month due to a large spike in the cost of electricity. Cold weather also boosted demand.
- Gas and natural gas prices fell slightly, but the respite for consumers probably won’t last long. The cost of fossil fuels have been trending higher.
- The cost of used cars, furniture and medical care also rose in January.
- And your health and car insurance are going up this year.
Consumer price inflation came in hot today at almost 7.5% year over year.
Official inflation currently has its biggest gap over short-term interest rates since 1951. People holding cash in a bank or T-bills over the past year lost over 7% of their purchasing power. pic.twitter.com/oh3lEFXVoX
— Lyn Alden (@LynAldenContact) February 10, 2022