Inflation continued to cool in January

Consumer prices rose 6.4% last month compared to a year ago, continuing a monthslong slowdown of price increases despite blockbuster job growth that revealed an economy running hotter than expected, government data on Tuesday showed.

The data marked the seventh consecutive month of smaller price hikes. In December, year-over-year inflation was 6.5%.

Inflation has fallen significantly from a summer peak but is more than triple the Federal Reserve's target of 2%.

Despite the slowdown in price hikes, the costs for some items have skyrocketed over the past year. The price of eggs rose 70% in January compared to a year ago while the price of flour jumped 20%.

The price of some products have fallen. Televisions cost 15% less than they did a year ago and the price of smartphones has dropped nearly 24% over that time. The price of used cars and trucks has fallen nearly 12%.

The Fed earlier this month imposed the latest in an aggressive string of borrowing cost increases as it tries to slash price hikes by slowing the economy and choking off demand. The approach, however, risks tipping the U.S. economy into a recession.