US inflation worsened last month with prices for groceries and gasoline heading higher
U.S. inflation accelerated last month as the cost of groceries, gasoline and rents rose, a disappointment for families and businesses struggling with higher costs and likely underscoring the Federal Reserve's resolve to delay further interest rate cuts. The consumer price index increased 3% in January from a year ago, Wednesday’s report from the Labor Department showed, up from 2.9% the previous month. The figures show that inflation has remained stubbornly above the Fed's 2% target for roughly the past six months, after it fell steadily for about a year and a half.
