The US Labor Department says the consumer price index in January rose 3.1 percent before seasonal adjustment from a year earlier.

The pace of inflation has slowed from the previous month for the first time in two months, but it was a bit above market expectations.

Some market watchers speculate that policymakers at the US Federal Reserve may decide to start lowering interest rates in their meeting in March or May.

Economic indicators scheduled to be released later, such as job and price data, are expected to gain more attention.