Consumer prices in January saw the smallest year-over-year gain since October 2021 with a seventh consecutive month of a deceleration. However, this disinflation pace was much slower than expected, partially because new methodology introduces higher weights for shelter and lower weights for food and energy to reflect changes in consumer spending in 2021. The shelter index (housing inflation) continued to rise at an accelerated pace and was the largest contributor to the total increase. …While inflation appears to have peaked and continues to slow, inflation in core service (excluding shelter) has not begun to ease. …The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose by 0.5% in January on a seasonally adjusted basis, following an increase of 0.1% in December. …The index for shelter, which makes up more than 40% of the “core” CPI, rose by 0.7% in January, following an increase of 0.8% in December.