The Consumer Price Index rose more than forecasted in January, highlighting again the bumpy road to disinflation.

Consumer prices were up 3.1% in January from a year earlier, down from 3.4% in December, according to data released by the Bureau of Labor Statistics on Tuesday. On a monthly basis, the index increased by 0.3%, the biggest monthly increase since September.

Core inflation, the Fed’s preferred inflation gauge, changed little at 3.9% annually. The Fed’s target for core inflation remains 2%.

Shelter inflation was the biggest driver of higher overall costs while energy prices declined. Shelter costs rose 0.6% in January, up details ⇒

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