From the Bureau of Labor Statistics
The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.4 percent in January on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 1.6 percent before seasonal adjustment.
The stats do show that food and gas prices were way up. The core CPI which excludes food and energy also rose, but only by 0.2%. For the year, the increase was 1.00% which is still below the 2% that the Fed likes to see. As described in this New York Times article
, we'll need to see more inflation before the Fed changes policies.
Although food and energy prices have increased, the Fed minutes said, especially in fast-growing emerging markets, the committee did not have a consensus on whether that development would lead to higher inflation in the United States.
The Savings Bond Advisor blog describes
how this will affect the next I Bond rates:
The Series I bond inflation component is based on the difference between the March and September levels of the CPI-U. If inflation for all six months of this period matches the rate during the first three months, the next I bond inflation component would be 2.45%.