With higher prices for food and shelter offsetting a steep drop in gasoline prices, the Labor Department released a report on Thursday showing a modest increase in U.S. consumer prices in the month of January.
The Labor Department said its consumer price index inched up by 0.1 percent in January after rising by 0.2 percent in December. Economists had expected prices to increase by 0.2 percent.
The uptick in consumer prices was primarily due to an increase in shelter costs, which climbed by 0.4 percent in January.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.