On a monthly basis, the CPI rose 0.5%, versus economists' forecast for a 0.3% increase, according to FactSet. That's the biggest monthly jump since August 2023. It may be due to price increases set at the start of the year by many businesses, noted Bright MLS chief economist Lisa Sturtevant in an email.

Consumer Price Index inflation rose 0.5% month-on-month, likely incrementally delaying any Federal Reserve plans for interest rate cuts.

Inflation rose unexpectedly in January, with the Consumer Price Index rising 3% over the last 12 months, up from 2.9% in December. Forecasters had expected inflation to slow down, but prices for food, gas, and housing pushed the inflation rate out of the 2% range for the first time since May.

CPI report, released by the Labor Department Wednesday, showed inflation rising more than expected. Learn what this means for Fed interest rates.

Japan's inflation rate in January climbed to 4%, hitting its highest level since January 2023. Core inflation — which excludes prices of fresh food — rose to 3.2%, beating economists' expectations of 3.

Core inflation — which excludes prices of fresh food — rose to 3.2% from 3% in the prior month and beat economists’ expectations of 3.1%, according to a Reuters poll.

Data showed core inflation in Japan rose to 3.2% in January, up from 3% in December, exceeding forecasts of 3.1%. Headline inflation also increased to 4%, up from 3.6%, marking the highest level in two years.