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New inflation data out Wednesday showed consumer prices rose more than forecast in January as core prices reversed last month's easing with the Federal Reserve's path forward in focus.

The latest data from the Bureau of Labor Statistics showed that the Consumer Price Index (CPI) increased 3% over the prior year in January, an uptick from December's 2.9% annual gain in prices.

The index rose 0.5% over the previous month, the largest monthly headline increase since August 2023 and a slight acceleration from the 0.4% rise seen in December. Economists had expected a 0.3% increase.

Seasonal factors like higher fuel costs and continued stickiness in food inflation kept the headline figures elevated. Notably, the index for eggs increased 15.2%, the largest increase since June 2015. It accounted for about two-thirds of the total monthly food-at-home increase, according to the BLS. Year over year, egg prices have surged 53%.On a "core" basis, which strips out the more volatile costs of food and gas, prices in January climbed 0.4% over the prior month, higher than December's 0.2% monthly gain and the largest monthly rise since April 2023.Core prices rose 3.3% over last year, marking an uptick from the 3.2% seen in December, which was the first time since July that year-over-year core CPI showed a deceleration in price growth.

Core inflation has remained stubbornly elevated due to sticky costs for shelter and services like insurance and medical care. Shelter did show some signs of easing last month, rising 4.4% on an annual basis, the smallest 12-month increase in three years. Similarly, the year-over-year increase in rent was the coolest since February 2022.

It was a different story for used-car prices, which saw another strong uptick for the fourth consecutive month. The index rose 2.2% in January after a 1.2% increase in December and a 2% monthly gain in November.

Used cars likely contributed to the overall increase in core goods, which hit its highest level since May 2023.