CPI shows U.S. inflation still sticky
The numbers: The cost of living rose 0.5% in January — the biggest increase in three months — in a possible sign that U.S. inflation might not slow as quickly as hoped.
Higher housing costs and gasoline prices accounted for most of the increase. Economists polled by The Wall Street Journal had forecast a 0.4% advance in the consumer price index last month.U.S. stocks shed premarket gains after the report. Bond yields rose. One caveat: The government revises its formula for seasonal adjustments in January each year and sometimes that can lead to unusually large price changes.
Over the past year so-called supercore inflation has risen 6.1%, down from a peak of 6.7% last September. More recent surveys of rents and home prices, however, pointed to a slowdown or partial reversal in 2023 due to high mortgage rates and a slowing economy.
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