Inflation breakdown: Prices for everyday items

February 14, 2023

Payne Capital Management president Ryan Payne discusses how the January CPI report could impact future Fed rate hikes on ‘Varney & Co.’

Inflation ticked up again in January more than expected confirming prices remain stubbornly high for most Americans.

The consumer price index climbed 6.4% last month from the previous year – slightly below the 6.5% reading in December. Month-over-month it held at 0.5%.

Still, the annual CPI slowed for the seventh straight month and has fallen from 9.1% in June – a 41-year-high.

Here is a breakdown of where Americans are seeing prices rise the fastest – and where there has been some reprieve from higher inflation – as they continue to wrestle with the worst sticker shock in a generation:

Eggs Top Food Costs

Food continues to be a pain point at the grocery store, on average with prices rising 10.1% with everyday items well above that threshold. Egg prices soared 70%, while coffee is up nearly 13% and cereal almost 16%.

Chicken & Beef

For protein the numbers are mixed with beef, veal and bacon prices slipping, while chicken rose 10.5% along with fish & seafood up 4%.

Energy

While prices at the pump have come down to $3.41 per AAA from above $4 per gallon, fuel costs remain elevated particularly for home heating costs up over 26% for fuel and natural gas. While plain gasoline rose a lesser 1.5%.

Airfare

In a post pandemic world, more people are traveling testing demand levels for the major U.S. carriers, many of which continue to struggle with staffing shortages. Airfare costs are spiking amid the crunch up +25.6%.

Ticker	Security	Last	Change	Change %
AAL	AMERICAN AIRLINES GROUP INC.	16.51	+0.23	+1.41%
LUV	SOUTHWEST AIRLINES CO.	35.07	+0.50	+1.45%
JBLU	JETBLUE AIRWAYS CORP.	8.54	+0.22	+2.64%
DAL	DELTA AIR LINES INC.	38.60	+0.43	+1.13%

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Rent

Shelter costs, which account for about 40% of the core inflation increase, rose 7.9% over the past year. Rent costs jumped 8% and hotels/motels 8.5% on an annual basis.

Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets.

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Cars & Trucks

Americans looking for used cars and trucks caught a break last month as prices slipped 11.6%. Those in the market for newer vehicles are seeing prices tick up around 6% for both.