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US consumer prices rose 0.5% in January, marking the largest increase in nearly 18 months.
The year-over-year inflation rate reached 3.0%, exceeding economists’ expectations of 2.9%. Core inflation, which excludes volatile food and energy prices, rose 0.4% monthly and 3.3% annually.
This stronger-than-expected inflation report has complicating implications for monetary policy. Federal Reserve Chair Jerome Powell acknowledged that the central bank is “not quite there yet” in its mission to bring inflation down to 2%.
The data, combined with a stable labor market, has led some economists to question whether the Fed’s easing cycle might be over, with the policy rate currently held at 4.25%-4.50%. The report also raises concerns about the potential inflationary impact of proposed tariff policies and their effect on consumer prices going forward.
