CPI Rises 0.1% in January

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rices paid by consumers rose 0.1% in January, the Labor Department reported Wednesday.

The rise in the consumer price index, which followed a 0.1% decline in December, was less than a 0.2% CPI increase forecasted by economists, Bloomberg reported.

The so-called core CPI, which excludes food and energy, increased 0.2% for a fourth straight month, Labor reported.

The CPI is the government's broadest gauge of costs for goods and services. Almost 60% of the CPI covers prices consumers pay for services. If consumer prices are falling, it could reflect a decrease in demand for consumer goods, which decreases the demand for trucking services.

Labor said prices had risen 3% over the past 12 months and rose 2.3% excluding food and energy, the biggest increase since August 2002, Bloomberg reported.

Workers’ weekly earnings adjusted for inflation fell 0.2% in January, Labor said in a separate release.

Energy prices fell 1.1% in January after falling 1.3% in December. Gasoline prices fell 2.1% and home-heating oil costs dropped 5.2%, the biggest decline since May, Bloomberg said.

Food prices rose 0.1%, services rose 0.2% and new car prices rose 0.7%, Labor said.