The Department of Statistics (DoS) on Wednesday reported a 2.29 per cent year-on-year increase in the general consumer price index (inflation) for January, with the index rising from 109.72 points in January 2024 to 112.

U.S. import prices increased slightly less than expected in January as a surge in the cost of fuels was partially offset by decreases in the prices of motor vehicles and consumer goods, offering some hope in the fight against inflation.

The producer price index for final demand rose 0.4% last month after an upwardly revised 0.5% gain in December, the Bureau of Labor Statistics said on Thursday.

CNBC's Rick Santelli joins 'Squawk Box' to break down January's producer price index (PPI) and weekly jobless claims data.