CPI report shows inflation cooled in January, with prices rising at a 2.4% annual pace

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Updated on: February 13, 2026 / 12:02 PM EST

/ CBS News

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The Consumer Price Index rose 2.4% in January from a year ago, below economists' forecasts and a sign that price pressures across the U.S. are easing. By the numbersThe CPI was expected to rise 2.5% on an annual basis last month, according to economists polled by financial data firm FactSet. The January CPI represents the slowest pace of inflation since May 2025 and is down from December's 2.7% annual rate."The fact that price pressures in January were contained is notable given the usual upward pressure from annual price resets and seasonal effects – factors that have tended to push January inflation prints higher in recent years," Lydia Boussour, senior economist at EY-Parthenon, said in a report. The CPI tracks the changes in a basket of goods and services typically bought by consumers, such as food and apparel. The January inflation reading was delayed due to the partial government shutdown that ended earlier this month.Food and shelter costs climbed at a faster pace than the overall January CPI rate, but were partially offset by a 7.5% annual decline in gasoline prices.Foods like ground beef and coffee remain a sore spot, rising 17.2% and 18.3%, respectively. By contrast, egg prices — which soared during the pandemic as the avian flu decimated poultry flocks — continue to ease and are down more than 34% from a year ago. So-called core inflation — which excludes volatile food and energy prices — rose 2.5% over the past 12 months, the lowest level since March 2021.