The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percent in January on a seasonally adjusted basis, after rising 0.2 percent in December

BLS

BREAKING: January CPI inflation rate falls to 3.1%, above expectations of 2.9%.

Core CPI inflation was unchanged at 3.9%, above expectations of 3.7%.

This is the 34th consecutive month with inflation above 3% and first jump since September.

Can the Fed really pivot right now?

— The Kobeissi Letter (@KobeissiLetter) February 13, 2024

"It was just a lousy month when it came to inflation," says CNBC's Steve Liesman — noting "big increases" in medical costs, vehicle costs, and food prices.

"Real earnings also declined in the month." pic.twitter.com/HVBJwv4ziN

— RNC Research (@RNCResearch) February 13, 2024