Inflation expected to have slowed significantly in January

Inflation is expected to have slowed significantly in January, following a slight uptick over the previous month.

Inflation data to be released on Tuesday will show whether price increases resumed a monthslong slowdown in January.

The report from the U.S. Bureau of Labor Statistics follows a slight acceleration of price increases in December. That jump in inflation complicated the Federal Reserve's plans to deescalate its inflation fight with a series of interest rate cuts this year.

Fewer than two weeks ago, the central bank decided to leave interest rates unchanged, opting to observe further economic performance before reversing a near-historic series of rate increases that began last year.

Economists expect Tuesday's data to show prices have increased 2.9% over the year ending in January, which would mark a significant slowdown from the annual pace of 3.4% recorded over the previous month.