BEA, Report: Personal Income and Outlays, January 2023

“From the same month one year ago, the PCE price index for January increased 5.4 percent. Prices for goods increased 4.7 percent and prices for services increased 5.7 percent. Food prices increased 11.1 percent and energy prices increased 9.6 percent. Excluding food and energy, the PCE price index increased 4.7 percent from one year ago.”

“Within goods, the increase was widespread and led by motor vehicles and parts as well as ‘other’ nondurable goods (led by pharmaceuticals). Within services, the largest contributor to the increase was spending for food services.”