Inflation Remains High, Delaying Rate Cuts

The Department of Labor released their monthly inflation report, showing a rise in the consumer price index and core consumer price index. In January, the consumer price index rose by 3.1 percent compared to last year, higher than projected. The core consumer price index came in at 3.9 percent, half a percent higher than the previous month. While inflation has decreased slightly, prices are still rising. The stock market tumbled after the release of the inflation numbers, as hopes for rate cuts were dashed, potentially delaying them until late spring or summer.