Record Inflation Impacts Jewelry in January

jewelryU.S. consumer price inflation (CPI) in January for the jewelry sector surged 8.2 percent year on year to 185 points, according to government figures released today. The reading established a new CPI record for jewelry and it was the thirteenth consecutive monthly calculation with a reading above 170 points.

Monthly jewelry price inflation averaged a 9.5 percent increase during 2011 as prices were driven higher by record gold prices, near record prices for silver and double-digit price increase for diamonds.

Meanwhile, the CPI for all product categories in January rose 2.9 percent year on year to 227.5 points. That figure too was a record high, which was in part fueled by a 4.4 percent jump in food prices, a 12.1 percent hike in fuel oil and a 4.7 percent rise for apparel, among other items.

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