The U.S. government-measured year-over-year inflation rate in January was pegged at 3.1%, slightly lower than the annual rate recorded in December.
The Consumer Price Index for January was up 3.1% compared with a year ago, less than the 3.4% annual inflation rate in December.
The all-items less food and energy index rose 3.9% over the last 12 months, according to the CPI report, the same increase as for the 12 months ending December.
The energy index decreased 4.6% for the 12 months ending January, while the food index increased 2.6% over the last year.
The food at home (grocery) index rose 1.2% over the last 12 months. In the grocery category, the fruits and vegetables index rose 1.1% over the 12 months ending in January, while the meats, poultry, fish, and eggs index decreased 0.9% over the year, and the dairy and related products index fell 1.1%.
The index for food away from home (restaurant) rose 5.1% over the last year, with the price index for limited-service meals rising 5.8% and inflation for full-service meals up 4.3% compared with year-ago levels.
Percent change in prices for January 2024 compared with January 2023 were:
- All (fresh and processed) fruits and vegetables — up 1.1%.
- Fresh fruits and vegetables — up 0.6%.
- Fresh fruits — up 1.9%.
- Fresh apples — down 8.9%.
- Fresh bananas — down 2%.
- Oranges — up 0.3%.
- Other fresh fruit — up 7.4%.
- Fresh vegetables — down 0.9%.
- Potatoes — down 0.3%.
- Lettuce — down 0.3%.
- Tomatoes — up 1.8%.
- Other fresh vegetables — up 1.1%.
Source: Bureau of Labor Statistics
EDITOR’S TAKE:
The inflation numbers may already be familiar to you because they have been in the news recently. Numbers shown seem much better than those reported in 2021 – 2023. However, they continue to fuel several debates about the future of the U.S. economy, what action the Federal Reserve may or may not take, and what such numbers mean in reality to everyday consumers. What they don’t tell you is that the cumulative impact of inflation over the past three years has been a nearly 20% increase in the overall cost of living. For the average family of four to purchase the same bundle of goods and services today versus 2021 costs over $11,000 more! Meanwhile, wages have not risen nearly as much. Plus, between government spending money that puts us further into debt as a nation and the Federal Reserve selling bonds and printing money to cover the gap, this only adds fuel to the fire and has a long tail. The numbers from January’s report may seem calm by comparison, but try telling that to the nearly 70% of people living pay check to pay check! Farmers/ranchers are feeling the pinch as well, but they have had some really phenomenal profitable years that provide them with the ability to continue purchasing your trucks! Be certain to have your inventory listed on AgTruckTrader.com®.
