U.S. January CPI Rises 2.4% Year-on-Year, Below Forecast

Growth Slows, Lowest in Eight Months

Xinhua and Yonhap News Agency

The U.S. Consumer Price Index (CPI) growth rate for January slowed to the mid-2% range, marking the lowest level in eight months.

The Department of Labor announced on the 13th (local time) that the CPI for January rose 2.4% year-on-year. This is the lowest figure since May of last year.

This is lower than the 2.7% recorded in the previous month and also 0.1 percentage point below the 2.5% forecast by experts surveyed by Reuters. Month-on-month, it increased by 0.2%, mainly due to a 1.5% decline in overall energy costs, including gasoline, compared with the previous month.

Meanwhile, the core CPI, which excludes food and energy due to their high volatility, rose 2.5% year-on-year, the lowest level in 4 years and 10 months since March 2021. The month-on-month increase was 0.3%, in line with market expectations.