Inquiring minds are diving into the January Consumer Price Index (CPI) report from the BLS.

For the month, the CPI jumped 0.5% but year-over-year the CPI was flat.

CPI Year-Over-Year

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CPI Year-Over-Year Major Categories

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CPI Components

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Shelter, the largest weighted component in the CPI, helped limit the month-over-month rise.


It's curious the BLS does not consider shelter a "major category" even though it constitutes 32.8% of the CPI.

Inflationista Alarms

Spotlight Crude

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The thin blue line in the above chart connects January 2017 to January 2018.

Four months from now, energy will give a big boost to the year-over-year CPI even if the price of crude remains steady.

The May 2107 close was $46.04. A jump from $46.04 to $60.81 would constitute a 32% year-over-year jump.

Crude will place increasing upward pressure on year-over-year CPI comparisons unless it takes a big dive soon.

Mike "Mish" Shedlock

Curious September Energy Decline in CPI, With Crude and Gas Futures Rising

The BLS says the energy index declined 0.5 percent in September, but the price of crude rose. Overall the CPI rose 0.1%.

CPI Unchanged in Nov as Gasoline and Apparel Decline, Shelter and Food Rise

The CPI came in unchanged for November as expected today. Energy, apparel, and transportation were all negative.

CPI Rises Modest 0.2%, 2.5% from a Year Ago: Your Results May Vary Dramatically

The CPI rose 0.2% in April vs the economists' expectation of 0.3%. Year-over-year the CPI is up 2.5%.

BLS Reports Tame Inflation as Medical Costs Soar Out of Sight

The BLS says the CPI rose 0.1% in January. Year-Over-Year the CPI is up 2.5%. Your experience is sure to vary.

Rare Territory: Consumer Prices On the Decline

The CPI declined 0.4% month-over-month in March, with gasoline and energy leading the way.

CPI Jumps 0.41% in March: Gasoline, Up 6.5%, Core CPI Up 0.15%

The CPI jumped 0.4% in March but core CPI, excluding food and energy only rose 0.1%.

Personal Income Jumped in January, But It's a One-Time Deal

Personal income rose 0.6% in January. Real income rose 0.5%. Spending rose 0.2% and real spending only 0.1%

CPI Hits Consensus, Disappoints Inflation-Loving Parrots

The BLS reports the CPI for All Items rose 0.2% in April as shelter, energy, and food indexes all increase. The 0.2% increase was in line with the Econoday Consensus estimate, but the Econoday parrot was not happy.

Forecasters Miss Inflation Targets By a Mile: Steep Decline in Ag Export Prices

The consensus expected import prices to rise by 0.7% and exports by 0.5%. Instead, both prices rose by 0.2%.