The U.S. Bureau of Labor Statistics has just released consumer price inflation data for January. The results indicate that inflation growth accelerated beyond market expectations, with general consumer prices showing higher growth than the previous month.
According to the data released on Wednesday, the annual inflation rate in the U.S. Consumer Price Index was around 3% in January, which exceeded expectations that anticipated the index would remain stable at the previous level of December, where the general inflation rate at that time recorded a growth of 2.9%.
On a monthly basis, official data revealed that the U.S. Consumer Price Index recorded a growth of 0.5% in January, while market expectations indicated a slowdown, projecting the index would register only 0.3%. The previous reading for the monthly U.S. inflation rate showed a growth of about 0.4% by the end of December.
As for the core U.S. inflation rate (which excludes energy and food prices), the index recorded a year-on-year growth of 3.3% by the end of January, which also surpassed expectations that anticipated a slower growth rate of about 3.1%. The previous reading in December was 3.2%.
On a monthly basis, core inflation in the Consumer Price Index increased by 0.4% during January, while forecasts indicated a rise of only 0.3%. The previous reading in December was 0.2%.
