The median estimate (year-over-year, not seasonally adjusted) for the consumer price index (CPI) for the month of January 2024 is 2.9%. If 2.9% is the actual year-over-year increase in the CPI, it will mark the first month since March 2021 that the number has been below 3.0%. Last month (December 2023), the consumer price index increased by 3.4% (year-over-year, not seasonally adjusted), compared to the median estimate of 3.2%. Over the past 12 months, the increase in the CPI has surpassed the median estimate in 4 months, matched the median estimate in 2 months, and fallen short of the median estimate in 6 months. ... (full story)