General World News

U.S. inflation hotter than expected in January

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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