U.S. consumer prices rise more than expected in January

News Snapshot:

U.S. consumer prices increased more than expected in January, reinforcing the Federal Reserve’s message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy. The consumer price index jumped 0.5 per cent last month after gaining 0.4 per cent in December, the Labor Department’s Bureau of Labor Statistics (BLS) said on Wednesday. In the 12 months through January, the CPI increased 3.0 per cent after advancing 2.9 per cent in December. Economists polled by Reuters had forecast the CPI gaining 0.3 per cent and rising 2.9 per cent year-on-year. The BLS updated weights...