Consumer Price Index figures for January are out.

CPI climbed 0.1% in January and 1.6% year-over-year, right in line with expectations.

Core consumer prices — a measure that strips out food and energy — rose 0.1% from the previous month and 1.6% year over year (again, in line with expectations).

“Retail gasoline prices rose 1% in January, but that was less than normal seasonality and should be converted into a 2% decline after seasonal adjustment,” Morgan Stanley’s Wieseman wrote clients ahead of the report.

“Continued softness in food prices should also restrain the headline CPI,” he wrote.

CPI continues to be under close scrutiny from market-watchers as the Federal Reserve weighs the inflation rate in the context of its forward guidance on the likely future path of short-term interest rates.

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