US consumer prices rose more than expected in January, according to the latest data from the Bureau of Labor Statistics released Tuesday morning. The Consumer Price Index (CPI) rose 0.3% over the previous month and 3.1% over the prior year in January, slightly higher than December’s 0.2% month-over-month increase but a deceleration from December’s 3.4% annual gain. Both measures were higher compared to economist forecasts of a 0.2% month-over-month increase and a 2.9% annual increase, according to data from Bloomberg. On a “core” basis, which strips out the more volatile costs of food and gas, prices in January climbed 0.4% over the prior month and 3.9% over last year. Investors were closely watching the print for clues about when the Federal Reserve will begin cutting interest rates. After the data’s release, markets priced in a 94% chance the central bank will hold rates steady at its meeting next month, up from 84% on Monday.