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MNI BRIEF: US Jan Core CPI Hotter Than Expected; Shelter +0.6%

(MNI) WASHINGTON

Supercore inflation jumped to 0.85% in January from 0.3% in December, a signal that labor-intensive sector prices are stickier than the Fed wants to see.

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U.S. CPI inflation accelerated more than expected in January, the Bureau of Labor Statistics said Tuesday, reinforcing the notion that the Federal Reserve will take its time before cutting interest rates later this year.

CPI climbed 0.305% in January and core CPI rose 0.392%, both a tenth higher than in December, bringing the 12-month rates to 3.1% and 3.9%, respectively. Core CPI was also a tenth higher than Wall Street had expected due to the shelter index jumping 0.6%. Shelter price gains contributed over two-thirds to the headline measure, the Bureau of Labor Statistics said Tuesday. Treasury futures rose and the 10-year Treasury yield surged to its highest since Dec. 1. (See: MNI: US Shelter Inflation Cooldown Seen Limited In 2024)

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U.S. CPI inflation accelerated more than expected in January, the Bureau of Labor Statistics said Tuesday, reinforcing the notion that the Federal Reserve will take its time before cutting interest rates later this year.

CPI climbed 0.305% in January and core CPI rose 0.392%, both a tenth higher than in December, bringing the 12-month rates to 3.1% and 3.9%, respectively. Core CPI was also a tenth higher than Wall Street had expected due to the shelter index jumping 0.6%. Shelter price gains contributed over two-thirds to the headline measure, the Bureau of Labor Statistics said Tuesday. Treasury futures rose and the 10-year Treasury yield surged to its highest since Dec. 1. (See: MNI: US Shelter Inflation Cooldown Seen Limited In 2024)

Keep reading...Show less