Headline Inflation: 0.50% MoM
Headline Inflation: 3.00% YoY
Core Inflation: 0.40% MoM
Core Inflation: 3.30% YoY

U.S. headline inflation rose by 10 basis points to 0.5% MoM in January 2025, from 0.4% MoM in December 2024 and above market expectations of 0.3% MoM. This increase was influenced by a 0.4% MoM rise in the shelter index in January 2025, accounting for nearly 30% of the monthly increase across all goods and services. The energy index rose to 1.1% MoM, with the most significant contributor being the fuel oil index, which increased by 6.2% MoM in January 2025. The food index also increased by 0.4% MoM in January 2025. Additionally, core inflation, which excludes food and energy items, rose by 20 basis points to 0.4% MoM in January 2025 from 0.2% MoM in December 2024. This was due to increased prices for used cars and trucks, as well as hotel accommodation services, which resulted from wildfires in Los Angeles.

By PHINTRACO SEKURITAS | Research
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