Prices rose more than expected in January, according to newly released federal inflation data.
The U.S. Bureau of Labor Statistics on Tuesday released its Consumer Price Index, a key marker of inflation, which reported that prices rose 0.3% last month.
The 0.3% increase leaves a total increase of 3.1% in the previous 12 months.
"The index for shelter continued to rise in January, increasing 0.6 percent and contributing over two thirds of the monthly all items increase," BLS said in its report. "The food index increased 0.4 percent in January, as the food at home index increased 0.4 percent and the food away from home index rose 0.5 percent over the month. In contrast, the energy index fell 0.9 percent over the month due in large part to the decline in the gasoline index."
