The Labor Department announced on Wednesday the U.S. consumer price index (CPI) rose 0.3 percent m-o-m in January, following a revised 0.2 percent m-o-m gain in the previous month (originally a 0.4 percent m-o-m increase).

Over the last 12 months, the CPI increased 1.4 percent y-o-y, the same advance as for the period ending in December.

Economists had forecast the CPI to increase 0.3 percent m-o-m and 1.5 percent y-o-y in the 12-month period.

According to the report, a 7.4 percent m-o-m climb in the gasoline index accounted for most of the seasonally adjusted increase in the all items index in January. Although the indexes for electricity and natural gas declined, the energy index rose 3.5 percent m-o-m. The food index edged up 0.1 percent m-o-m in January, as an increase in the index for food away from home more than offset a drop in the index for food at home.

Meanwhile, the core CPI excluding volatile food and fuel costs was flat m-o-m in January after a revised unchanged figure in the previous month (originally a 0.1 percent m-o-m uptick).

In the 12 months through January, the core CPI surged 1.4 percent compared to an unrevised 1.6 percent surge for the 12 months ending December.

Economists had forecast the core CPI to increase 0.2 percent m-o-m and to jump 1.5 percent y-o-y last month.