US inflation eased in January, hitting its slowest pace since May, largely due to falling prices for energy and used cars. This retreat empowers arguments for interest rate cuts by the Federal Reserve.

• The consumer price index rose by 2.4% over the 12 months to January, down from 2.7% in the prior month.
• US President Donald Trump celebrated the report, calling the US economy "unbelievable" and advocating for "long-overdue" interest rate cuts.
• While prices for personal services, cigarettes, airfares, and music streaming subscriptions saw jumps, rents cooled to a 0.2% rise, and used cars and trucks dropped 1.8% in price.