The year-over-year increase in the CPI was led by higher shelter costs, which rose 2.1 percent in January. This followed a 1.9 percent gain in December. Electricity prices increased 4.7 percent in the 12 months to January, after rising 4.1 percent the previous month. Consumers also paid more for rent (+1.6 percent) and for homeowners' home and mortgage insurance (+5.4 percent) in January compared with the same month a year earlier.
The mortgage interest cost index decreased 0.6 percent on a year-over-year basis in January, the smallest decline since May 2012. On a monthly basis, the index posted its third consecutive increase, rising 0.2 percent.
From December to January, prices rose 0.3 percent after falling 0.2 percent in the previous period.
The annual core inflation rate rose to 1.4 percent from 1.3 percent the previous month.