US consumer prices increased more than expected in January, driven by rises in the costs of shelter and healthcare. The consumer price index (CPI) rose 0.3% last month after a 0.2% gain in December, according to the Labor Department’s Bureau of Labor Statistics. Annual revisions to the CPI data showed that inflation was on a downward trend after surging in 2022. In the 12 months through January, the CPI increased 3.1%, following a 3.4% advance in December. Despite the pick-up in inflation, expectations regarding the Federal Reserve’s decision to cut interest rates remained unchanged.