Tuesday, February 14, 2023

January inflation for Atlanta: Prices for food at home are down, rent and gasoline costs increase

Lower costs for food at home will help Atlanta households in January 2023, but that savings was offset by higher costs for rent and gasoline, according to new information provided by the U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers for the Atlanta-Sandy Springs-Roswell, Ga. Area (CPI-U-Atlanta), not seasonally adjusted.

For the Atlanta area, costs for food at home declined 0.4% in January after remaining unchanged in December. Over the past 12 months, food at home costs have 13.0%.

Rent increases continued in January, rising 1.1% following a 1.2% increase in December. Rents have increased each month over the past year. As a result, the area has experienced a 12.5% increase since January 2022.

Gasoline costs increased 7.2% over the month, reflecting both higher prices paid by wholesalers as well as the reimposition of the state’s gasoline tax. The increase comes after six consecutive decreases in the index. For the 12 months ending in January, gasoline prices reflect the latest increase as well as the past months’ cost declines, resulting in a 12-month drop of 2.3%.

A full set of consumer price indexes for the Atlanta area are released bi-monthly for even numbered months. In odd-numbered months, such as January, BLS releases only a limited number of monthly indexes.

Comparisons of areas’ inflation rates

Costs for food at home dropped in the Atlanta area in January, while they rose for the Miami, Fla., and Tampa-St. Petersburg, Fla., areas, as well as for the U.S. Costs for rent and gasoline rose in all three metro areas as well as for the nation in January.

In January, costs for food at home declined 0.4%, while costs increased 2.5% in the Miami area, 2.1% in the Tampa-St. Petersburg area, and 0.8% for the U.S.

Rents increased 1.1% in the Atlanta area, 0.9% in the Miami area, 0.6% in the Tampa-St. Petersburg area, and 0.7% for the U.S.

Gasoline prices rose 7.2% in the Atlanta area, 6.4% in the Miami area, 9.0% in the Tampa-St. Petersburg area, and 3.2% for the U.S.

Over the past 12 months, costs for food at home have risen 13.0% in the Atlanta area, 11.9% in the Miami area, 8.9% in the Tampa-St. Petersburg area, and 11.3% for the nation.

Rents have risen 12.5% for the Atlanta area, 18.1% in the Miami area, 15.6% in Tampa-St. Petersburg, and 8.6% for the nation.

Gasoline costs have declined 2.3% in the Atlanta area, risen 4.7% in the Miami area, moved up 4.3% in the Tampa-St. Petersburg area, and risen 1.5% for the nation over the past year.

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