The U.S. Labor Department released consumer price inflation data on Friday. The U.S. consumer price inflation was flat in January, beating expectations for a 0.1% decline, after a 0.1% fall in December.

The index was mainly driven by higher prices of rents and medical care, and higher shelter costs. Rents rose 0.5% in January, while both medical care and shelter costs were up 0.3%.

Gasoline prices fell 4.8% in January, while food prices were flat.

On a yearly basis, the U.S. consumer price index increased to 1.4% in January from 0.7% in December, exceeding expectations for a rise to 1.3%. It was the biggest increase since October 2014.

The U.S. consumer price inflation excluding food and energy gained 0.3% in January, exceeding expectations for a 0.2% rise, after a 0.2% increase in December.

On a yearly basis, the U.S. consumer price index excluding food and energy increased to 2.2% in January from 2.1% in December, beating expectations for a 2.1% rise.

The consumer price index is not preferred Fed's inflation measure.