The Labor Department announced on Thursday the U.S. consumer price index (CPI) edged up 0.1 percent m-o-m in January 2020 after an unrevised 0.2 percent m-o-m gain in the previous month.

Over the last 12 months, the CPI climbed 2.5 percent y-o-y last month, following an unrevised 2.3 percent m-o-m jump in the 12 months through December 2019. That was the highest annual inflation since October 2018.

Economists had forecast the CPI to increase 0.2 percent m-o-m and 2.4 percent y-o-y in the 12-month period.

According to the report, the index for shelter (+0.4 percent m-o-m) accounted for the largest part of the January gain in the seasonally adjusted all items index, with the indexes for food (+0.2 percent m-o-m) and for medical care services (+0.3 percent m-o-m) also rising. These advances more than offset a decrease in the gasoline index (-1.6 percent m-o-m).

Meanwhile, the core CPI excluding volatile food and fuel costs rose 0.2 percent m-o-m in January, following a 0.1 percent m-o-m advance in the previous month.

In the 12 months through January, the core CPI surged 2.3 percent, the same pace as in the 12 months ending December.

Economists had forecast the core CPI to rise 0.2 percent m-o-m and 2.2 percent y-o-y last month.