"Consumer prices surged last month on higher energy and food costs but underlying price pressures remained largely contained."
"Consumer prices surged last month."
Here’s the breakdown:
"In January, energy prices rose 5%, after falling 2.1% in December. The advance was led by a 5.5% surge in electricity costs, the largest increase on record for that component. Gasoline prices last month rose by 6.4% and natural-gas prices increased 1.7%. Year over year, all energy prices advanced 24.8%.
Food prices were up 0.5% due to sharply higher fruit and vegetable prices. Medical-care prices increased 0.1%. Housing prices, which account for 40% of the index, rose 0.5%. Prices for new vehicles increased 0.6%. Clothing prices increased 0.3%, while education and communication rose 0.4%."
So to reiterate, except for everything going up in price, there is no inflation . . .
Consumer Prices Jumped 0.7%
As Food, Energy Costs Climbed
WSJ, February 22, 2006 8:49 a.m.