US consumer inflation cooled down in January, but less than expected

Price hikes eased off less than expected in January, but still offered some relief for Americans who have suffered through the steepest price hikes in four decades.

The first measure of inflation for 2024, the Consumer Price Index, showed that prices rose by 3.1% for the 12 months ended in January, according to Bureau of Labor Statistics data released Tuesday. That marks a step back from December’s 3.4% rate and a dramatic cooling from the 6.4% increase seen in January 2023.

On a monthly basis, CPI rose by 0.3% in...