CPI report: January inflation data complicates Fed plans as soaring egg, energy costs push consumer prices higher
- Consumer prices rose more than forecast in January as core prices reversed last month's easing with the Federal Reserve's path forward in focus
- Consumer Price Index (CPI) increased 3% over the prior year in January, an uptick from December's 2.9% annual gain in prices.
- Seasonal factors like higher fuel costs and continued stickiness in food inflation kept the headline figures elevated.
- Core CPI which strips out the more volatile costs of food and gas, prices in Jan. climbed 0.4% over the prior month, higher than Dec.'s 0.2% monthly gain and the largest monthly rise since April 2023.
- Inflation has slowed however, it has remained above the FED's 2% target on an annual basis, with economists and Fed officials pointing to a "bumpy" road ahead.
- Last Monday, Trump announced global 25% tariffs on steel and aluminum imports, which will take effect on Mar. 12. Tariffs of 25% on Mexico and Canada are set to come next month, while 10% duties on China have already been implemented.
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