Inflation unexpectedly accelerated in January, with the prices rising faster than expected as the new year began.
The consumer-price index, the Labor Department’s broad measurement of what consumers pay for goods and services, rose 3.1 percent from a year earlier.
Economists were expecting a year-0ver-year increase of 3.0 percent. The 12-month price rise was 3.4 percent in December.
Compared with the prior month, the CPI was up 0.3 percent. Economists had forecast inflation to climb 0.2 percent, the same rate of inflation reported for December.
Federal Reserve officials have said they look at several months of data to detect trends in inflation. The three month annualized inflation rate rose to four percent in January from 3.3 percent. The six-month annualized rate rose to