By Alicia Wallace, CNN
(CNN) — The cost of food and energy continued to climb in January, hitting 3% for the first time since June 2024, pushing the cost of living higher for Americans.
Consumer prices rose 0.5% from December, resulting in an annual inflation rate of 3% for the 12 months that ended in January, according to the latest Consumer Price Index data released Wednesday by the Bureau of Labor Statistics.
Economists were expecting inflation to pick up 0.3% from December, keeping the annual rate at 2.9%, according to FactSet consensus estimates.
Inflation has slowed significantly since hitting a 40-year high in 2022. However, prices are still rising faster than Americans were used to in the decade before the pandemic, underscoring the challenges ahead for President Donald Trump.
The CPI measures price changes across commonly purchased goods and services.
This story is developing and will be updated.
The-CNN-Wire
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