US Federal Reserve’s key inflation gauge ticks up in January

Consumer prices rose 0.6% from December to January, up sharply from a 0.2% increase from November to December

The Federal Reserve's preferred inflation gauge ticked higher in January, a sign that price pressures remain entrenched in the US economy and could lead the Fed to keep raising interest rates well into this year.

Friday's report from the commerce department showed that consumer prices rose 0.6% from December to January, up sharply from a 0.2% increase from November to December. On a year-over-year basis, prices rose 5.4%, up from a 5.3% annual increase in December.