Inflation accelerated in January, rising 3% on an annual basis, indicating that the Federal Reserve's push to drive inflation down to a 2% annual rate has stalled out, at least temporarily. The Consumer Price Index was forecast to rise 2.

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.

Economists were already scaling back predictions of multiple Federal Reserve interest rate cuts this year after data indicated stalled progress in taming inflation and unknowns from the White