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Inflation rose faster than expected in January as an increase in the cost of rent and food kept prices elevated for millions of U.S. households.
The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.3% in January from the previous month. Prices climbed 3.1% from the same time last year.
Both of those figures came in higher than the 0.2% monthly increase and 2.9% headline figure forecast by Refinitiv economists.
"Inflation is generally moving in the right direction... But it's important to remember that a lower inflation rate does not mean that prices of most things are falling," said Lisa Sturtevant, Bright MLS chief economist. "Rather, it simply means that prices are rising more slowly.
Consumers are still feeling the pinch of higher prices for the things they buy most often."
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