The Consumer Price Index (CPI) rose 1.7% on a year-over-year basis in January, following a 1.9% increase in December. Excluding energy, the CPI increased 1.7%, matching the gain in December. Prices were up in all eight major components in the 12 months to January, with the transportation (+3.2%) and shelter (+1.4%) indexes contributing the most to the gain. Chart 2 Chart 2: Consumer prices increase in all major components Consumer prices increase in all major components Chart 2: Consumer prices increase in all major components Consumers paid 3.2% more for transportation in January, following a 4.9% increase in ... (full story)