Federal Reserve's Preferred Inflation Gauge Picked Up Last Month in Sign of Still-Elevated Prices

"For Rent" signs are displayed outside a development in Glenview, Ill., Jan. 29, 2024. On Thursday, Feb. 20, 2024, the Commerce Department issues its January report on consumer spending.

An inflation gauge favored by the Federal Reserve increased in January, the latest sign that the slowdown in U.S. consumer price increases is occurring unevenly from month to month.