Data released moments ago by the US Bureau of Labor Statistics showed that the Consumer Price Index (CPI), which measures inflation, rose by 0.5% in January after rising by about 0.4% in December, exceeding expectations of a 0.3% increase, while the core index, which excludes food and energy prices, rose by 0.4% compared to 0.2% in December (expectations 0.3%).
In contrast, the annual index rose over the past 12 months to 3% from 2.9% in December, exceeding expectations that indicated its stability at the December reading, while the annual core index rose to 3.3%.
In the details of the index, the food index recorded a growth of 2.5% on an annual basis and recorded an increase of about 0.4%% in January from 0.3%, while the energy index rose by 1.1% in January from 2.4% and rose by about 1% on an annual basis.