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Gas Prices Decline in January, Impacting Energy Index

According to new government data released on Tuesday, gas prices declined in January, causing the energy index for the month to drop. The gasoline index saw a notable decrease of 3.3% in January compared to the previous month. This marked a steeper drop than December’s 0.6%, as reported by the Bureau of Labor Statistics (BLS).

Before seasonal adjustments, gasoline prices fell 1.5% last month, further highlighting the decline in gas prices. As a result, the energy index was down 0.9% in January, following a 0.2% decrease in December.

During the winter, it is common for gasoline prices to decrease due to the wider use of a less expensive blend and reduced seasonal demand as drivers stay put. This seasonal trend has led to a continued drop in gas prices, with early January prices at the pump stalling at $3.07 a gallon after a significant drop from their September 2023 peak.

While gas prices have shown a downward trend, they have recently been ticking higher as oil prices also rise. The national average for gasoline stood at $3.23 on Tuesday, according to AAA data.

In addition to gas prices, other segments within the energy index also saw fluctuations. The fuel oil index declined by 4.5% in January, while natural gas increased by 2% and electricity jumped by 1.2% on a month-over-month basis.

Over the past year, the energy index experienced a 4.6% decline. With all components falling on a year-over-year basis except for electricity, which rose by 3.8%.

The price declines within the energy index were not enough to offset a higher-than-expected inflation print for the month. Shelter and food costs contributed to the rise in prices, with the exclusion of food and energy costs resulting in a 0.4% increase over the prior month and a 3.9% increase over the previous year.

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