The Consumer Price Index for All Urban Consumers increased 0.5% on a seasonally adjusted basis in January, after rising 0.4% in December, the U.S. Bureau of Labor Statistics reported today.

On Wednesday the Labor Department is expected to report that in January the consumer price index rose 2.9% from a year ago, according to economists surveyed by FactSet. If accurate, it would be unchanged from December and up from a 3 1/2 year low of 2.4% in September.

Another month, another expected miss for inflation as it relates to the Fed's goal, with concerns aplenty about what happens from here.