Key Takeaways Inflation rose unexpectedly in January, with the Consumer Price Index rising 3% over the last 12 months, up from 2.9% in December.Forecasters had expected inflation to slow down, but prices for food,

Inflation accelerated in January, rising 3% on an annual basis, indicating that the Federal Reserve's push to drive inflation down to a 2% annual rate has stalled out, at least temporarily. The Consumer Price Index was forecast to rise 2.

Consumers are seeing no relief from high prices as shelter, transportation and food costs drove inflation in January.