US inflation hotter than expected in January at 3.1%

While inflation has fallen sharply since peaking above 9% in June 2022, many are still feeling the pinch of high prices

Inflation was hotter than expected across the US last month as it continues to fall back from its highest levels in a generation.

Price growth dropped to an annual rate of 3.1% in January, according to official data; above economists' expectations of 2.9%. In December, the consumer price index stood at 3.4%.