Inflation eased again in January – but there's a cautionary sign

Gas is pumped into a vehicle at a gas station in Miami on Jan. 23, 2023. A rise in gas prices caused inflation to increase in January when compared to December. Gas prices remain volatile, making the outlook for inflation more uncertain. (Joe Raedle/Getty Images)

Inflation cooled in January for the seventh month in a row.

But there's a cautionary sign: While the 12-month price increase was slightly lower, prices surged between December and January, suggesting inflation is still far from tamed.