January's Consumer Price Index shows a significant increase, with economists concerned about future price hikes.

U.S. inflation increased by the most in eight months in December amid robust consumer spending on goods and services, suggesting the Federal Reserve would probably be in no hurry to resume cutting interest rates soon.

Americans are facing higher costs. Trump was elected on promises to lower prices for inflation-weary consumers and high inflation could imperil his agenda.

U.S. consumer prices rose by more than expected in January, driven by a sharp increase in egg prices amid an outbreak of bird flu, the U.S. Bureau of Labor Statistics reported Wednesday.