"Surprise Inflation Spike Sends US Stocks Tumbling"

US consumer prices rose 0.3% in January, defying forecasts for a faster slowdown, with the Consumer Price Index (CPI) up 3.1% over the prior year, slightly higher than expected. The data has led to increased expectations that the Federal Reserve will hold interest rates steady at its next meeting, with investors closely monitoring the situation. Notable call-outs from the inflation print include rising shelter and food prices, while energy prices continued to fall. The report has tempered expectations for a potential interest rate cut, with some economists now predicting a delay in the decision to start cutting rates to June this year.