Rising rent and a gasoline price rebound helped keep US consumer prices elevated in January, according to data released on Tuesday, signaling that policymakers' battle against inflation is not over.
US Inflation data
The US central bank has hiked interest rates rapidly in the past year to raise borrowing costs and cool demand in the world's biggest economy, as inflation skyrocketed.
But even as the consumer price index (CPI), an important inflation gauge, eases from decades-high levels, the numbers point to some stickier areas.
With the effects of policy rippling through the economy, the CPI rose 6.4 percent in January from a year ago, according to Labor Department data. This was a touch below December's figure and the smallest annual increase since October 2021.
But it remains significantly above policymakers' two percent target.