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Price Growth , Cooling Falls Short of , Economist Expectations. According to the latest Bureau of Labor Statistics data, inflation in the United States cooled in January, inching down from 3.4% to 3.1% on an annual basis. According to the latest Bureau of Labor Statistics data, inflation in the United States cooled in January, inching down from 3.4% to 3.1% on an annual basis. NBC reports that the data also showed that "core" price growth remained flat at 3.9% compared with the month prior. While inflation did come down, economists had been expecting a more robust slowdown that would have brought inflation down to 2.9%. . Economists had also expected "core" price growth to come down to 3.7%, which it did not. The final mile towards the Fed’s 2% target was always going to be slow, erratic, and frustrating, Seema Shah, Chief global strategist at Principal Asset Management, via NBC. Today’s data is not what markets or the Fed would have liked to see, but it’s important not to overreact and jump to the assumption that an inflationary resurgence is developing, Seema Shah, Chief global strategist at Principal Asset Management, via NBC. Today’s data is not what markets or the Fed would have liked to see, but it’s important not to overreact and jump to the assumption that an inflationary resurgence is developing, Seema Shah, Chief global strategist at Principal Asset Management, via NBC. While some prices fell, others continued to rise. Data showed that shelter costs climbed over 6% on an annual basis, which includes both rent and homeownership. Economists have now forecast that solid economic growth will continue to drive price increases. . We continue to see the path back to 2-percent inflation as challenging, absent a more significant loosening in the labor and housing markets. , Economists with Citibank, via NBC. NBC reports that the latest data suggests that the Federal Reserve will not look to start lowering interest rates until late spring or early summer.