Inflation in America rose 0.5 percent in January, according to the Bureau of Labor Statistics (BLS).
Currently, America’s inflation is 3 percent. This represents the first time inflation has been at this percentage since June 2024.
In January, the inflation for shelter accounted for 30 percent of the month’s inflation rate increase. In the past year, shelter prices have gone up 4.4 percent, which is the lowest since January 2022.
Gasoline and food prices increased by 1.8 percent and 0.4 percent, respectively.
Furthermore, the cost of meats, poultry, fish, and eggs went up almost 2 percent. Over the last year, prices for these items have gone up 6.1 percent.
The most significant price increase for the food came from eggs, which increased by 15.2 percent. This is the biggest increase since June 2015. During the last year, egg prices have shot up 53 percent.
Last month, food prices decreased in fruits and vegetables (0.5 percent) and cereals and bakery products (0.4 percent).
Energy prices increased 1.1 percent in January, with its yearly average being an increase of 1 percent. Electricity and natural gas prices have gone up over the last 12 months by 1.9 percent and 4.9 percent, respectively.
Motor vehicle insurance rose 2 percent last month. Prices for this item have gone up 11.8 percent over the last year.
Last week, BLS released numbers showing that America added almost 150,000 jobs last month. America currently has an unemployment rate of 4 percent.
During President Donald Trump’s first term in office, America’s yearly inflation rate averaged 2.46 percent.
Under former President Joe Biden’s time in the White House, yearly inflation in America was 4.95 percent.
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Zachery Schmidt is the digital editor of The Star News Network. Email tips to Zachery at zschmidt1717@gmail.com. Follow Zachery on Twitter @zacheryschmidt2.
