U.S. consumer prices rose briskly at the start of the year, a sign of persistent inflationary pressures that could push the Federal Reserve to raise interest rates even higher than previously expected.
The overall consumer price index climbed 0.5 per cent in January, the most in three months and bolstered by energy and shelter costs, according to data out Tuesday from the Bureau of Labor Statistics. The measure was up 6.4 per cent from a year earlier.
Both annual measures came in higher than expected and showed a much slower deceleration than in recent months. The figures remain far higher than the Fed’s 2 per cent target, which is based on a separate Commerce Department index. The path to stable prices will likely be both long and bumpy. The goods disinflation that has driven the slide in overall inflation in recent months appears to be losing steam, and the strength of the labor market continues to pose upside risks to wage growth and service prices.
Because of the way the housing metrics are calculated, there’s a significant lag between real-time price changes and the government statistics. So-called core services ex-housing rose 0.3 per cent, a slight easing from the prior month, according to Bloomberg calculations. Wages are thought to be a key driver of growth in this category.
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