US inflation rose higher-than-expected 3% in January

US consumer prices rose more than expected in January, indicating persistent inflation. The Consumer Price Index increased by 0.5%, up from December's 0.4% growth. Year-over-year, the CPI grew 3%, surpassing the 2.9% from the previous month.

Core CPI, excluding food and energy, also exceeded predictions with a 0.4% increase. The annual core figure reached 3.3%, higher than the expected 3.1%. This inflation report suggests the Federal Reserve may refrain from cutting interest rates and could consider rate hikes.

Factors contributing to rising prices include wage increases and the impact of avian flu on egg prices, which soared 25% in January.