The consumer price index for the 12 months ending in January slowed to 2.4%, beating projects, the Bureau of Labor Statistics reported Friday.

The consumer price index was expected to increase 2.5% from a year ago in January, according to the Dow Jones consensus.

The consumer price index for the 12 months ending in January slowed to 2.4%, beating projects, the Bureau of Labor Statistics reported Friday.

The consumer price index eased in January but inflation was still elevated for many consumer necessities, economists said.