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US consumer inflation slowed less than anticipated last month, according to government data released Tuesday, as President Joe Biden battles to assuage households’ worries over costs of living while he seeks reelection.
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The closely watched Consumer Price Index (CPI) rose 3.1 percent from a year ago in January, down from 3.4 percent in December, the Department of Labour said.
A measure stripping out volatile food and energy costs held steady too despite expectations it would ease further, adding to signals that the path to lowering inflation is a bumpy one.
“Core” CPI rose 3.9 percent from a year ago, the same as in December, said the latest Labour Department report.
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From December to January, overall inflation ticked up 0.3 percent, also an acceleration from the November to December figure.
“The index for shelter continued to rise in January, increasing 0.6 percent and contributing over two thirds of the monthly all items increase,” said the Labour Department in its report.
The food index also increased over the month, even as energy costs slumped due to lower gas costs.
The US Federal Reserve rapidly hiked interest rates in 2022 to quell an inflation surge.
It is now holding the rate at the highest level in more than two decades, seeking to bring inflation back to two percent over the long haul.
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