Inflation rate picked up in January, CPI report shows. Here's what it means for your money.

Inflation accelerated in January, rising 3% on an annual basis, indicating that the Federal Reserve's push to drive inflation down to a 2% annual rate has stalled out, at least temporarily.

The Consumer Price Index was forecast to rise 2.9% last month, according to economists polled by financial-data firm FactSet. The CPI, a basket of goods and services typically bought by consumers, tracks the change in those prices over time.