U.S. consumer inflation ticked surprisingly higher in January, data indicated Monday, sending stocks sharply lower as price pressures stayed stubbornly elevated even before the impact of new trade tariffs put in place by President Donald Trump.

Inflation picked up for a fourth straight month in January amid another rise in in food and energy costs, possibly setting the stage for a year of halting progress in the battle to slow consumer price increases as President Donald Trump rolls out myriad import tariffs.

Inflation picked up at a higher pace than expected in January, leaving the Federal Reserve playing a waiting game to see the impact of tariffs and other policies on price pressures.