On a monthly basis, the CPI rose 0.5%, versus economists' forecast for a 0.3% increase, according to FactSet. That's the biggest monthly jump since August 2023. It may be due to price increases set at the start of the year by many businesses, noted Bright MLS chief economist Lisa Sturtevant in an email.

Canada's annual inflation rate rose 1.9% in January, up from 1.8% in December as lower prices helped by a sales tax reprieve were partly offset by higher cost of gasoline and natural gas, data showed on Tuesday.

A week of sobering economic news for America ended with, well, more of the same. The long-term inflation expectations of US consumers rose to its highest level in almost three decades. Their reasons? Growing concern that President Donald Trump’s accumulating number of tariff threats against friend and foe alike will translate into higher prices.