January inflation breakdown: Where are prices still rising the fastest?

foxbusiness.com:

A 'Mornings with Maria' panel discusses the U.S. economy and markets after the January year-over-year CPI comes in at 3.1%.

Inflation rose faster than expected in January as an increase in the cost of rent and food kept prices elevated for millions of U.S. households. 

The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.3% in January from the previous month. Prices climbed 3.1% from the same time last year.

Both of those figures came in higher than the 0.2% monthly increase and 2.9% headline figure forecast by Refinitiv economists.

«Inflation is generally moving in the right direction… But it’s important to remember that a lower inflation rate does not mean that prices of most things are falling,» said Lisa Sturtevant, Bright MLS chief economist. «Rather, it simply means that prices are rising more slowly. Consumers are still feeling the pinch of higher prices for the things they buy most often.»

Here is a breakdown of where Americans are seeing prices rising and falling the fastest as they continue to wrestle with sticker shock.

INFLATION CLIMBS FASTER THAN EXPECTED IN DECEMBER AS HIGH PRICES PERSIST

Housing costs were once again the biggest driver of inflation last month. Rent costs rose 0.6% for the month and are up 6.1% from the same time last year. 

Rising rents are a concerning development because higher housing costs most directly and acutely affect household budgets. (Gabby Jones/Bloomberg/File / Getty Images)

Rising rents are concerning because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they