January inflation breakdown: Where are prices rising the fastest?
Egg prices soared a whopping 70% last month, according to the latest CPI data
January inflation data comes in hotter than expected
Inflation rose 6.4 percent in January. FOX Business' Cheryl Casone with more.
Inflation ticked up again in January more than expected, confirming prices remain stubbornly high for most Americans.
The consumer price index climbed 6.4% in January on an annual basis, slightly below the 6.5% reading in December, according to the Bureau of Labor Statistics. Month-over-month, it held at 0.5%.
Still, the annual CPI slowed for the seventh straight month and has fallen from 9.1% in June – a 41-year-high.
Here is a breakdown of where Americans are seeing prices rise the fastest – and where there has been some reprieve from higher inflation – as they continue to wrestle with the worst sticker shock in a generation:
Eggs top food costs
Food continues to be a pain point at the grocery store, with prices rising 10.1% over the last year. Egg prices soared 70%, while coffee is up nearly 13% and cereal almost 16%.
Chicken and beef
For protein, the numbers are mixed with beef, veal and bacon prices slipping, while chicken rose 10.5% along with fish and seafood up 4%.
Energy
While prices at the pump have fallen to $3.41 a gallon, according to AAA, fuel costs remain elevated, particularly for home heating. Costs are up more than 26% for fuel and natural gas. Meanwhile, gasoline rose 1.5%.
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Airfare
More people are traveling, testing demand levels for the major U.S. carriers, many of which continue to struggle with staffing shortages. Airfare costs are spiking amid the crunch, up 25.6% according to the latest data.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAL | AMERICAN AIRLINES GROUP INC. | 14.52 | -0.12 | -0.82% |
| LUV | SOUTHWEST AIRLINES CO. | 32.36 | 0.00 | 0.00% |
| JBLU | JETBLUE AIRWAYS CORP. | 5.97 | +0.01 | +0.17% |
| DAL | DELTA AIR LINES INC. | 63.82 | +0.20 | +0.31% |
Rent
Shelter costs, which account for about 40% of the core inflation increase, rose 7.9% over the past year. Rent costs jumped 8% and hotels/motels climbed 8.5% on an annual basis.
Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets.
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Cars and trucks
Americans looking for used cars and trucks caught a break last month as prices slipped 11.6%. Those in the market for newer vehicles are seeing prices tick up around 6% for both.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 58.53 | +2.85 | +5.12% |
| F | FORD MOTOR CO. | 11.18 | +0.38 | +3.47% |
| TSLA | TESLA INC. | 352.56 | +12.92 | +3.80% |
| TM | TOYOTA MOTOR CORP. | 174.40 | +1.02 | +0.59% |