U.S. consumer prices rose more than expected in January, the Labor Department said this morning. This could be like a further sign that inflation is firming up after a long run of softness.
The consumer-price index, which measures what Americans pay for everything from bananas to housing costs, rose 0.5 percent in January. It had risen a seasonally adjusted 0.2 percent in December.
In the 12 months leading up to January, overall prices rose 2.1 percent, matching the same annual increase as in December. Core prices, stripping out the more volatile food and energy prices, were up 1.8 percent on the year. The increase in inflation last month was largely driven by higher prices for gasoline, shelter costs, medical care, food and apparel.
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