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

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.

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.

U.S. consumer prices increased by the most in nearly 1-1/2 years in January, with Americans facing higher costs for housing and food, reinforcing the Federal Reserve's message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy.