January CPI Report Shows Inflation Cooling, But Not By Much

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The January CPI (Consumer Price Index) report was recently released

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It showed that inflation has decreased slightly, but not by a significant amount

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The overall inflation rate for the month of January was 0.3%

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This is down from 0.5% in December 2022

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The biggest contributor to this decrease was a drop in energy prices

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Food prices, however, continued to rise, with a 0.6% increase in January

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Core inflation which excludes volatile food and energy prices, also rose by 0.3%

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This brings the year-over-year core inflation rate to 4.1%

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The report suggests that while inflation may be cooling slightly it remains elevated and continues to put pressure on consumers and businesses

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