US inflation rises 0.5% in January, more interest rate hike likely

CPI is up 6.4% from the year-ago period; food and energy boosted the index

US consumer prices rose briskly at the start of the year, a sign of persistent inflationary pressures that could push the Federal Reserve to raise interest rates even higher than previously expected.

The overall consumer price index climbed 0.5 per cent in January from the prior month, bolstered by gasoline and shelter costs, according to data out Tuesday from the Bureau of Labor Statistics. The measure was up 6.4 per cent from a year earlier. 

Excluding food and energy, the so-called core CPI advanced 0.4 per cent last month and was up 5.6 per cent from a year earlier. Economists see the