Inflation hits 3% in January

(CNN)– Inflation climbed again in January hitting 3% for the first time since June 2024.

According to data released on Wednesday, consumer prices rose half a percent from December to January.

Economists were expecting a rise of three-tenths of a percent and had predicted the annual inflation rate to land at 2.9%.

The cost of goods and services has slowed significantly since hitting a 40-year high in 2022, in the aftermath of covid.