Bureau of Labor Statistics releases monthly report

Consumer Price Index report shows where inflation was, currently is, and where it is going in '23

CAPE GIRARDEAU, Mo. (KBSI) – The Bureau of Labor Statistics released its monthly Consumer Pri Index report Tuesday morning, showing the American public where things stand regarding inflation.

The Consumer Price Index, or CPI, is a measure of the average change over time in prices paid by American consumers.

The CPI consists of a bundle of commonly purchased goods and services, measuring the changes in the purchasing power of a country’s currency, and the price level of a basket of goods and services.

According to the report for January, the CPI for all urban consumers increased by 0.5 percent, seasonally adjusted, and increased 6.4 percent over the past year.

So, what does this mean for American families still struggling to pay their bills?

“Inflation is how fast the CPI is changing. This spring and summer, inflation was growing upwards of eight to nine percent,” said Dr. Kevin Sylwester, economics professor at Southern Illinois University.

The index for all items less food and energy, the report stated, increased 0.4 percent in January: an increase of more than five-and-a-half percent over the previous year.

With grocery and gas and housing creating a strain on American families as three vital categories in the report.

Other January increases include piped utility gas service, automotive insurance, medical care and apparel, to name a few.

Added Sylwester: “January 2021 to January 2023, inflation was running six point four percent so it has kind of come down. And that’s, um, that’s an encouraging sign. The Federal Reserve would like it to be down two percent by the end of the year.”

Inflation, while it has improved, is still not coming down as quickly as economists had hoped.

The Federal Reserve has continued to raise interest rates in an attempt to minimize inflation to the best of its ability.

But, many experts still argue if it has accomplished what the feds had hoped.