The first inflation report of 2024 was released Tuesday with mixed results for the U.S. economy.
The Consumer Price Index (CPI), a key measure of inflation, increased slightly more than expected in January at 0.3%, according to the Bureau of Labor Statistics.
However, annual inflation dropped to 3.1% -- less than half the 6.4% figure from one year ago - further signifying cooling inflation. The Federal Reserve's target for inflation is 2%.
Shelter prices were the biggest driver in the CPI, accounting for about one-third of the increase. Food and energy prices helped offset the surge in housing costs -- 0.6% for the month and 6% for the year.
Check back for more figures and the reaction on Wall Street.
