Inflation in the United States stood at 3.1% in the month of January

For this Tuesday, February 13 The US Department of Labor reported that the Consumer Price Index increased 0.3% in the month of Januarywhich places inflation for the beginning of 2024 at 3.1%, increasing a little more than expected amid high interest rates.

According to the entity’s data Food and housing costs remained high in the first month of the year generating a challenge for the pockets of the average American and for the Federal Reserve, which from 2022 seeks to bring inflation to the 2% objective with the increase in interest rates.

For their part, underlying prices are a measure that excludes the most volatile costs of food and energy increased 0.4% in January and 3.9% annuallyl.

Inflation increases

So far, according to the US Bureau of Labor Statistics, these have been the year-on-year inflation increases from January 2023 to January 2024.

• January: 6.4% 2023.
• February: 6% 2023.
• March: 5% 2023.
• April: 4.9% 2023.
• May: 4.0% 2023.
• June: 3.0%2023
• July 3.2% 2023.
• August: 3.7% 2023.
• September: 3.7% 2023.
• October: 3.2% 2023.
• November: 3.1% 2023.
• December: 3.4% 2023
• January: 3.1% 2024.

The report reveals that housing costs last month were partly what kept inflation high, with rent rising 0.6% in January and 6.1% annually. Prices for both medical and auto insurance also rose 1.4% during the month.

Interest rates

On the other hand, during the first meeting of this year of the Federal Reserve led by its president Jerome Powell, policymakers announced in January that until now the interest rate will remain in the range of 5.50%.

Although many specialists expected the beginning of a series of cuts. Powell mentioned in his speech that “if the economy generally evolves as expected, it will probably be appropriate to start easing political restrictions sometime this year”, he indicated without establishing any specific date.

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