Happy Inflationary Valentine’s Day! Were you shocked, shocked, and even dismayed at the price of chocolate, flowers, or even a card when you went to buy a little sweet something for your special loved one for Valentine’s Day today?

If so, you were not alone, as the Consumer Price Index (CPI) continued its upward climb according to the Bureau of Labor Statistics report for January 2023 released at 8:30 am (ET) on Valentine’s Day.

CONSUMER PRICE INDEX - JANUARY 2023

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.5 percent in January on a seasonally adjusted basis, after increasing 0.1 percent in December, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all [sic] items index increased 6.4 percent before seasonal adjustment.

Oh. The estimated increase was optimistically estimated to be less—0.4 percent versus the 0.5 percent report—which means the CPI year-to-year increased by 6.4 percent versus the hopeful estimate of 6.2 percent.

Image: Inflation by brgfx.

Month after month, those seemingly tiny differences between lower estimates and higher reality add up, as the late Senator Everett Dirksen (R-IL) noted.

The report continues with higher prices blasting all other optimistic predicted estimates with harsh reality.

The index for shelter was by far the largest contributor to the monthly all items increase, accounting for nearly half of the monthly all items increase, with the indexes for food, gasoline, and natural gas also contributing. The food index increased 0.5 percent over the month with the food at home index rising 0.4 percent. The energy index increased 2.0 percent over the month as all major energy component indexes rose over the month.

The index for all items less food and energy rose 0.4 percent in January. Categories which increased in January include the shelter, motor vehicle insurance, recreation, apparel, and household furnishing s and operations indexes. The indexes for used cars and trucks, medical care, and airline fares were among those that decreased over the month.

The all items index increased 6.4 percent for the 12 months ending January; this was the smallest 12-month increase since the period ending October 2021. The all items less food and energy index rose 5.6 percent over the last 12 months, its smallest 12-month increase since December 2021. The energy index increased 8.7 percent for the 12 months ending January, and the food index increased 10.1 percent over the last year.

Oh well! Who needs food and shelter, not to mention natural gas? Soon everything will be electric, which is soooooooooo much cheaper.

Well, isn’t it?

Read the remainder of the report if you want to ruin your day. But take a (small) bite of your holiday chocolate first.

And of course, send your best inflationary Valentine’s wishes to President Joe Biden (D).