The Trump Labor Department reported that in January consumer prices rose 0.5% from December—the largest monthly increase since August 2023 and well ahead of economists’ expectations for an increase of 0.3%. The new data pushed 12-month inflation to 3% in January. Among the drivers of the increased inflation were a 15% uptick in the price of eggs and increased costs for used cars and automobile insurance—which is expected to rise further due to tariffs President Trump announced earlier in the week on steel and aluminum that will impact auto parts.
