January 2026 Inflation Eases a Bit to 2.4%

MARY CHASTAIN FEB 13, 2026 5:00 PM

We had a decent January jobs report.

We now have a solid January inflation report.

The Consumer Price Index (CPI) for all items eased slightly in January to 2.4%, down from 2.7% in December.

The core CPI, which eliminates food and energy, hit 2.5%, the lowest since 2021.

You can thank the decrease in energy prices for the low inflation all prices index because some shelter and food prices went up, but not enough to cause a panic:

The index for shelter rose 0.2 percent in January and was the largest factor in the all items monthly increase. The food index increased 0.2 percent over the month as did the food at home index, while the food away from home index rose 0.1 percent. These increases were partially offset by the index for energy, which fell 1.5 percent in January.The index for all items less food and energy rose 0.3 percent in January. Indexes that increased over the month include airline fares, personal care, recreation, medical care, and communication. The indexes for used cars and trucks, household furnishings and operations, and motor vehicle insurance were among the major indexes that decreased in January.The all items index rose 2.4 percent for the 12 months ending January, after rising 2.7 percent for the 12 months ending December. The all items less food and energy index rose 2.5 percent over the last 12 months. The energy index decreased 0.1 percent for the 12 months ending January. The food index increased 2.9 percent over the last year.

Let’s nitpick:

Food

• Food at home: +2.1% in 12 months, +0.2% in a month
• Cereals and cereal products: +3.4%% in 12 months, +1.2% in a month
• Flour: +1.7% in 12 months, -0.8% in a month
• Bread: +2.9% in 12 months, +0.0% in a month
• Meats, poultry, fish, and eggs: +2.2% in 12 months, +0.2% in a month
• Meats (all): +9.2% in 12 months, +0.6% in a month
• Ground beef: +17.2% in 12 months, +1.6 in a month
• Fresh & frozen chicken parts: +2.1% in 12 months, +0.3% in a month
• Eggs: -34.2% in 12 months, -7.0% in a month
• Milk: +0.3% in 12 months, +0.4% in a month
• Cheese and related items: -1.2% in 12 months, +0.6% in a month
• Fruits & veggies: +0.8% in 12 months, +0.1% in a month
• Apples: -0.5% in 12 months, -1.3% in a month
• Bananas: +5.4% in 12 months, -0.7% in a month
• Potatoes: -2.3% in 12 months, +0.9% in a month
• Lettuce: +4.2% in 12 months, -2.8% in a month
• Other fresh veggies: +1.4% in 12 months, -0.7% in a month
• Pop: +3.5% in 12 months, +1.5% in a month
• Coffee: +18.3% in 12 months, -0.9% in a month
• Sugar: +3.0% in 12 months, +2.6% in a month
• Butter: -5.0% in 12 months, -2.1% in a month

Energy

• Energy: -0.1% in 12 months, -1.5% in a month
• Gasoline (all types): -7.5% in 12 months, -3.2% in a month
• Gasoline (regular): -8.0% in 12 months, -3.4% in a month
• Electricity: +6.3% in 12 months, -0.1% in a month
• Utility (piped) gas service: +9.8% in 12 months, +1.0% in a month

Medicine

• Medical care commodities: +0.3% in 12 months, -0.1% in a month
• Prescription drugs: -0.5% in 12 months, 0.0% in a month
• Nonprescription drugs: +0.9% in 12 months, +0.3% in a month
• Health insurance: -2.2% in 12 months, -1.0% in a month

Shelter

• Shelter (overall): +3.0% in 12 months, +0.2% in a month
• Rent of primary residence: +2.8% in 12 months, +0.2% in a month
• Owners’ equivalent rent of primary residence: +3.3% in 12 months, +0.2% in a month
• Lodging away from home: -2.0% in 12 months, -0.1% in a month

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