Here is a summary of the Associated Press report:
Consumer prices rose modestly in January on higher costs for food, gas, rent and clothing. But economists downplayed the increase, saying inflation will likely ease in the coming months as prices for raw materials level off.
The consumer price index increased 0.2 percent last month, after a flat reading in December, the Labor Department said Friday. Excluding volatile food and energy, so-called “core” prices ticked up 0.2 percent.
Inflation (CPI-U, which determines the principal adjustment for TIPS) has been slowing in recent months, running at 2.9% for the last 12 months but slowing to zero in October and December 2011 and just 0.1% in November 2011.