17 February 2023
KANSAS (KSNT) – Kansans paid more at the pump, more for food and more for shelter in the month of January according to the Consumer Price Index for the Midwest region. The CPI measures the change in prices paid by consumers for good and services.
Energy prices advanced 2.9% over the month mostly due to a 7.1% increase in gasoline prices. From a year-over-year perspective, Kansans paid 8.9% more for energy largely in part due to a 15.4% increase in the price of natural gas and 5% increase in gasoline for the same period.
All sectors of the economy saw advances in price besides used cars and trucks at -1.5%, new and used motor vehicles at -0.2%, medical care at -0.1%, professional services at -0.1%, medical care services at -0.2%, utility (piped) gas service at -2.4%, energy services at -0.1%, durable commodities at -0.1% and household energy at -0.3%.
Hopes for a dovish Fed were also slightly stymied after the national average CPI came in hot at +0.5% indicating possible higher interest rates to combat inflation.