In line with the consensus forecast, the headline consumer price index (CPI) increased 1.6 percent over the 12 months ending in January, an acceleration from a 1.5 percent pace in December. Core CPI (excluding food and energy) decelerated slightly to 1.6 percent on a year-over-year basis in January, the lowest since June 2013, which may be partially the result of unusually cold winter weather. On a monthly annualized basis, core CPI increased to 1.5 percent in January.
