US Core Inflation Seen Picking Up to 0.3% Gain in January

Inflation likely remained stubborn last month based on economists’ estimates, backing the Federal Reserve’s patient approach to lowering borrowing costs.

The so-called core consumer price index that excludes food and energy is seen rising 0.3% in January from December in the Bureau of Labor Statistics report due Wednesday. From a year earlier, core CPI likely increased 3.1%, according to the median forecast in a Bloomberg survey.

January would mark the fifth month in the last six that the core CPI has advanced 0.3%, consistent with stalled progress on reducing inflation. Fed Chair Jerome Powell reiterated Tuesday that the central ...