In January, U.S. inflation increased by 3% compared to a year earlier, as indicated by the Labor Department, marking a slight rise from December's 2.9%. Grocery prices saw a notable hike, particularly with egg prices skyrocketing by 15.2% in January, the most significant monthly surge since June 2015, attributed to an avian flu outbreak.
Federal Reserve Chair Jerome Powell is scheduled to testify before Congress on inflation and the Fed's strategy, emphasizing a cautious stance on potential rate cuts. Meanwhile, Former President Joe Biden is confronting political hurdles amidst rising prices, and economists suggest that Trump's tariffs could further impact inflation.