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US consumer price index (CPI) readings for January showed a higher-than-expected increase, driven by rising housing, food, and energy prices, as well as a sharp rise in used car prices.
The monthly reading of the US CPI rose by 0.5% in January, compared to the 0.4% recorded in the previous month, exceeding market expectations of 0.3%.
The annual reading of the index rose by 3.00% in January, compared to the same month last year, which recorded 2.9%, also exceeding market expectations of a 2.9% increase.
Excluding the most volatile price components, the core CPI (excluding food and energy) rose by 0.4%, compared to the previous reading of 0.2%, indicating figures higher than market expectations of 0.3%.
The annual reading of the core CPI rose by 3.3% last month, compared to the same month last year, which recorded 3.2%, exceeding market expectations of 3.1%.
