"This was 0.24 per cent points lower than the rate recorded in December (15.37 per cent) making it the twelfth consecutive slowdown in the inflation rate though still positive in headline year on year inflation since January 2017".
Data from the Labor Department showed that United States consumer prices increased more than anticipated in the month of January.
Economists have also stated that aside from supporting interest rates being pushed higher in the near future, inflation may also possibly take over from the price increases related to the British pound seen by the market after the Brexit vote which would lead to growing acceptance for a monetary policy tightening.
That's why investors early Wednesday will be paying close attention to the release of the January consumer price index (CPI). The figures for December and January are expected to be significantly lower than November when all the black Friday weekend deals were had a year ago, it appears that shopping spree has essentially taking over from Christmas sales.
The consumer price index is a different measure of inflation from the one the Federal Reserve typically emphasises.
So they expect a soft core CPI print, seeing the year-on-year rate edge down to 1.7% from 1.8% thanks in part to a high base effect created by a strong core CPI reading in January 2017.
US consumer prices rose more than expected in January as costs for clothing and food climbed higher, adding to investor concerns about rising inflation. That was higher than estimates for a 0.3 percent increase and the 0.2 percent in December.
The energy index rose 3% in January, with the increase in the gasoline index more than offsetting declines in other energy component indexes.
United Kingdom inflation remained stable in January as downward pressure from auto fuel and food prices was offset by upward effect from recreational and cultural goods.
Fuel and light inflation stood at 7.58 percent compared with 7.90 percent in December, while housing inflation stood at 8.33 percent from 8.25 percent in the previous month. The RBI on Wednesday kept the interest rates unchanged. RBI warned that in the upcoming months there would be rise in inflation. And while the University of MI measure of household inflation expectations in the U.S. edged up to 2.5% in January, this is still below its average level since the financial crisis.
The UK's main interest rate is now 0.5%.