Inflation rose 6.4% in January

The consumer price index (CPI) rose 6.4% in January on an annual basis, hotter than expected, but remained steady compared to last month. 

The latest read presents more challenges for Federal Reserve Chair Jerome Powell who has hinted that disinflation is underway.

Still, elevated costs for everyday staples remain stubbornly high.

The Labor Department reported that the CPI, a broad measure of the price of everyday goods that includes gasoline, groceries and rents, rose 0.5% on the month in January after a surprise decline of 0.1% in December.