U.S. households are paying more for necessities like food, gasoline and rent, which is costing them on average an extra $395 a month, according to Moody's.
Other price gains proved persistent in January: The cost of groceries climbed 0.5%, putting the 12-month increase at 10.1%. Consumers paid more for staples like eggs, cereal, rice, coffee and fresh fruits, including apples, bananas and oranges.
Rent costs also jumped 0.8% over the month and 8% on an annual basis. Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home, climbed 0.7% from the previous month.
Shoppers walk through the milk and cream section of a supermarket in Montebello, Calif.,Aug. 23, 2022."No one said disinflation would be a smooth ride," said Robert Frick, corporate economist with Navy Federal Credit Union." January’s CPI was a bump in the road, with shelter costs continuing to grow, though factors such as gas and goods did an about-face and added to inflation, instead of diminishing it as they had recently.
With food and shelter costs continuing to march higher, U.S. households are facing increased financial pressure. Average hourly earnings declined 0.2% in January from the previous month on an inflation-adjusted basis and are down 1.8% from the same time one year ago.
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