RAPAPORT... U.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.