The Consumer Price Index for All Urban Consumers increased 0.5% on a seasonally adjusted basis in January, after rising 0.4% in December, the U.S. Bureau of Labor Statistics reported today.

The arguably more important measure of core inflation, which excludes price changes in the often volatile food and energy categories, increased 3.3% year-over-year in January, higher than forecasts of 3.1%. And core prices rose 0.4% from December to January, compared to estimates of 0.3%.