Consumer prices rise less than expected in January at 2.4%

The Bureau of Labor and Statistics reported Friday that the consumer price index for January moved 2.4% from the same time last year, CNBC reported.

It is down 0.3 percentage points from the previous month.

In layman’s terms, the cost of goods and services rose at a slower annual rate than expected, which could mean U.S. inflation may be easing.