Data released moments ago by the US Bureau of Labor Statistics showed that the Consumer Price Index (CPI), which measures inflation, rose by 0.2% in January, compared to a 0.3% increase in December (the forecast was 0.3%). The core CPI, which excludes food and energy prices, rose by 0.3%, compared to 0.2% in December, matching expectations.

However, the annual CPI over the past 12 months rose by 2.4%, compared to 2.7% in December, falling short of expectations, while the core CPI rose by 2.5%.

In a more detailed breakdown of the index, the food index rose by 2.9% year-on-year and by approximately 0.2% in January. The energy index fell by 0.1% year-on-year in December and by approximately 1.5% month-on-month. The housing and shelter index was among the top performers in January, rising by 0.2% month-on-month and by 3% year-on-year.