Consumer prices accelerated in January suggesting that the Fed was far from pausing its interest rate hiking campaign.
There were also increases in prices of food, which rose 0.5% after advancing 0.4% in December. The cost of food consumed at home increased 0.4%, driven by rising prices for meat, fish and eggs. Prices for cereals and bakery goods also rose as did nonalcoholic beverages, but fruits and vegetables cost less.
The new weights reflect consumer spending in 2021. Housing's share of the CPI has now been raised, but weights for transportation and food were lowered. The U.S. central bank has raised its policy rate by 450 basis points since last March from near zero to a 4.50%-4.75% range, with the bulk of the increases between May and December. Economists believe the Fed could lift this rate above the 5.1% peak it projected in December and keep it there for some time.
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