• From Axios:
"Consumer prices rose at a more rapid monthly pace in January, the Labor Department said on Tuesday — interrupting a monthslong streak of cooler inflation readings.
By the numbers: The Consumer Price Index rose 0.5% last month, as prices for food, energy and apparel accelerated at a more rapid pace. In the 12 months through January, inflation was 6.4%, compared to 6.5% in December.
"Core CPI, which excludes food and fuel prices, rose by 0.4% in January, matching the same pace in December. Over the last 12 months through January, this index rose 5.6%. In December, that figure was 5.7% … It was the highest reading since October — the latest sign that squashing inflation might not be a consistent, downward path."
The Washington Post adds:
"The latest report underscored a key challenge facing the Fed — and the overall economy. Prices are easing, a welcome reversal after 2022’s eye-popping inflation rates. But finishing the job requires targeting some of the most persistent sources of inflation and keeping the pressure on. No part of the Fed’s job until now has been easy, and the central bank had to scramble to get inflation down from 40-year highs last year. But price increases are still abnormally high, and getting them down to sustainable levels may require a level of pain that has so far been avoided."
• Subway announced yesterday that it is "exploring a possible sale of the company. There is no indication of timing or assurance that a sale will occur. J.P. Morgan is advising the company and will conduct the sale exploration process. The company does not intend to make any further public comment regarding the process until it has been completed."
The company said that Subway's "management team remains committed to the future and will continue to execute against its multi-year transformation journey, which includes a focus on menu innovation, modernization of restaurants and improvements to its overall guest experience."