The consumer price index (CPI) increased by 0.5 percent in January to hit an annual increase of 3.0 percent after advancing by 2.9 percent in December.
January is the fourth-straight month in which inflation has ticked up, rising from a 2.4 percent increase in September.
Shelter costs rose 0.4 percent on the month, climbing to a 4.4-percent annual increase and making up around 30 percent of January’s inflation over all, the Labor Department noted.
Perhaps most concerning for economists, “core” inflation – which removes the particularly volatile categories of food and energy and is seen as a more fundamental measure of price pressures in the economy – rose by 0.4 percent, its largest uptick in at least six months. Core inflation was up 3.3 percent in January on an annual basis.
While food inflation is running below the headline at a 2.5-percent annual increase, it jumped by 0.4 percent on the month, the biggest increase in at least six months.