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Highlights:
Consumer prices rose 1.1% in the 12 months to January 2009, slightly slower than the 1.2% increase in December. On an unadjusted monthly basis, consumer prices fell 0.3% from December to January, after falling 0.7% from November to December.
All-items Consumer Price Index (CPI):
- The downward pressure on the 12-month change in the CPI in January came mainly from lower gasoline prices and from a sharp decline in the cost for purchasing and leasing passenger vehicles.
- Increasing mortgage interest costs, natural gas prices and prices for various food items were the primary upward contributors to the 12-month change.
- Of the eight major components, rising food costs (+7.3%) were the most dominant factor contributing to January’s increase.
- A sharp drop in prices for the purchase and leasing of passenger vehicles between December and January primarily contributed to the monthly decline in the CPI, while an increase in prices for gasoline dampened the fall.
Main contributors to the 12-month change in the CPI:
Main upward contributors:
- Mortgage interest cost (+5.8%)
- Fresh vegetables (+19.9%)
- Natural gas (+12.8%)
Main downward contributors:
- Gasoline (-23.5%)
- Purchase and leasing of passenger vehicles (-8.2%)
- Fuel oil and other fuels (-19.0%)
Main contributors to the monthly change in the CPI, not seasonally adjusted:
Main upward contributors:
- Gasoline (+5.0%)
- Non-alcoholic beverages (+6.7%)
Main downward contributors:
- Purchase and leasing of passenger vehicles (-5.3%)
- Travel tours (-15.7%)
- Natural gas (-6.0%)
