US Annual Inflation Rate Jumps to 3 Percent for 1st Time Since June
Energy, food, and shelter pushed inflation higher in January.
U.S. inflation rose for the fourth consecutive month, reaching its highest level since June 2024, as price pressures continue to be elevated on higher shelter, energy, and food costs.
According to the Bureau of Labor Statistics, the annual inflation rate increased to 3 percent in January, up from 2.9 percent in December.
The consensus forecast suggested a flat reading of 2.9 percent.
On a monthly basis, the consumer price index (CPI) surged at a higher-than-expected pace of 0.5 percent.
Core inflation, which strips the volatile energy and food categories, jumped to 3.3 percent last month.
From December to January, the core CPI swelled 0.4 percent, slightly higher than the market estimate of 0.3 percent.
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