Labor Department Reports Spike in Consumer and Housing Prices

Economists attribute increases to customary January surges.

The Labor Department reported a spike in consumer prices in January, noting particular increases in food prices and rent prices. 

The Consumer Price Index (CPI) as a whole is still decreasing from its 9 percent high in 2022 and continues to hover at around 3 percent. But the CPI rose by 0.1% in January 2024, higher than it has been in the last four months. Nearly two-thirds of that rise was attributed to rent increases, with the other third accounting for a 0.4 percent increase in food prices.

Economists state that January is a common month to experience surges in pricing. Many businesses reassess and readjust their prices at the start of each year. They do not see the increase as a red flag.

As the Lord Leads, Pray with Us…

  • For Acting Secretary Julie Su and Labor Department officials as they assess the cost of living.
  • For Americans who are stuck between rising prices, slower wage growth, and interest rates.

Sources: Reuters, PBS


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