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HomeBusinessConsumer prices rose 0.3% in January, more than expected, as the annual...

Consumer prices rose 0.3% in January, more than expected, as the annual rate moved to 3.1%

Inflation rose more than expected in January as persistently high home prices weighed on consumers, the Labor Department reported Tuesday.

The consumer price index, a broad measure of the prices faced by buyers of goods and services throughout the economy, rose 0.3% during the month, the Bureau of Labor Statistics reported. On a trailing 12-month basis, that amounted to 3.1%.

Economists surveyed by Dow Jones expected a monthly increase of 0.2% and an annual gain of 2.9%.

Excluding volatile food and energy prices, the so-called core CPI accelerated 0.4% in January and 3.9% higher than a year ago. The forecast was 0.3% and 3.7% respectively.

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