The US Ministry of Labor reported on Tuesday that inflation rose higher than expected in January, as the continuous increase in housing prices affected consumers.
According to the Bureau of Labor Statistics, the consumer price index, which is a broad measure of the prices shoppers face for goods and services throughout the economy, increased by 0.3% during the month. Over a 12-month period, it reached 3.1%.
Previous inflation data revealed an increase to 3.4% in December on an annual basis, up from 3.1% in November 2023. These figures exceeded expectations, which were at 3.2%.
The economists included in the Dow Jones survey were predicting a monthly increase of 0.2% and annual gains of 2.9%.
Excluding volatile food and energy prices, the so-called core consumer price index accelerated by 0.4% in January and rose by 3.9% from the previous year. The expectations were for a 0.3% and 3.7% increase respectively.
