The annual U.S. Inflation rate increased to 3% in January, according to the federal government's Consumer Price Index Summary released Wednesday morning.

The index is a broad measure of the costs of goods and services across the U.S. economy. 

Inflation from December 2024 to last month increased 0.05%, also according to the report.

The increases were higher than Dow Jones estimates for 2.9%  of the annualized rate and 0.3% for the month-over-month increase, according to CNBC.com. 

The monthly increase from November to December was 0.4%.