Shoppers carry bags in Walnut Creek, California. Photographer: David Paul Morris/Bloomberg.

Inflation picked up broadly at the start of the year in the United States, further undercutting chances of multiple Federal Reserve interest rate cuts this year—at the same time the Trump administration presses forward with tariffs.

The monthly consumer price index (CPI) rose in January by the most since August 2023, led by a range of household expenses like groceries, gas, and housing costs. Excluding often-volatile food and energy prices, the so-called core CPI climbed 0.4 percent, more than forecast, fueled by car insurance, airfares, and a record monthly increase in the cost of prescription drugs.


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