The Federal Reserve's preferred inflation gauge heated up unexpectedly in January, showing the continued strength of the US economy — and that rising prices won't be so easily defeated.
picked up speed in January as the Personal Consumption Expenditures price index rose 5.4% in January from a year earlier, the Commerce Department's Bureau of Economic Analysis reported Friday. In December, prices rose 5.3% annually.
Some welcome news: Goods prices continued falling, declining 0.7% from the previous month. But services prices increased 0.5%. Economists were expecting the annual core index to land at 4.3% and extend what was a three-month stretch of cooling.
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