Here’s the inflation breakdown for January 2024 – in one chart

By Greg Iacurci – CNBC

Inflation declined in January and consumers’ buying power rose as price pressures for U.S. goods and services continued to ease.

The consumer price index, a key inflation gauge, rose 3.1% in January relative to a year earlier, the U.S. Labor Department said Tuesday. That’s down from 3.4% in December.

The CPI measures how fast the prices of everything from fruits and vegetables to haircuts, concert tickets and household appliances are changing across the U.S. economy.