US Core Consumer Prices Rise by 0.4% in January 2024

In January 2024, the US saw a significant shift in its economic landscape. Core consumer prices (CCP), excluding volatile items such as food and energy, rose by 0.4% from the previous month, marking the sharpest increase since April 2023 and surpassing market expectations of a 0.3% rise. This acceleration, up from the 0.3% increase in the earlier period, challenged the gradual trend of disinflation in the US economy and bolstered the stance of hawks in the FOMC.