Consumer Price Index records largest 12-month increase since 1982
WASHINGTON — The U.S. Bureau of Labor Statistics reported today that the consumer price index rose 0.6% in January on a seasonally adjusted basis. The index rose 7.5% for the 12-month period ending in January 2022, the largest 12-month increase since the period ending in February 1982.
According to the Bureau, seasonally adjusted changes are preferable for analyzing short-term price trends in the economy, since they eliminate the effect of changes that normally occur at the same time and of approximately the same magnitude each year, such as price movements resulting from weather events, production cycles, model changes, holidays and sales. This allows data users to focus on changes that are not typical for the time of year.
Unadjusted data is of primary interest to consumers regarding the prices they actually pay.
In the furniture category, the unadjusted price index for furniture and bedding increased by 17% from January 2021 to January 2022, for bedroom furniture the increase was 13.7% and for living room, kitchen and dining room furniture, the increase was 19.9%. .
The seasonally adjusted increases from December 2021 to January 2022 were 2.4% for furniture and bedding, 1.8% for bedroom furniture and 2.2% for living room, kitchen and bedroom furniture. dining room.
The index for all items less food and energy rose 6%, the largest 12-month change since the period ending August 1982. The energy index rose 27% during over the past year and the food index has increased by 7%.
Jean Marie Layton is Upholstery Editor at Furniture Today. Passionate about design and furniture, she has worked as a writer/editor in industry and nonprofits, academic administration and furniture retail. She pursued an MA in Design History at Parsons/Cooper-Hewitt and holds a BA in History from Mount Holyoke College and an MA in Liberal Arts from Stanford University. Contact Jean Marie with your story ideas, tips and more at [email protected].