In the US, inflation in January exceeded expectations at 3 percent. Monthly inflation showed an increase of 0.5 percent. Expectations for interest rate cuts were postponed following the critical data that surpassed forecasts.

The eagerly awaited US inflation figures for January have been released.

Accordingly, annual inflation in the US exceeded expectations at 3 percent. In the markets, inflation had been estimated to come in at 2.9 percent. Inflation also rose by 0.5 percent on a monthly basis.

In terms of core inflation, expectations were also exceeded. The annual core inflation showed an increase of 3.3 percent. Expectations had been that it would be at 3.1 percent.

Consumer prices excluding food and energy showed an increase in January, exceeding expectations of 0.3 to 0.4 percent on a monthly basis.

Following the inflation data, expectations for interest rate cuts from the Federal Reserve (Fed) were postponed from September to December.

Fed Chairman Jerome Powell had stated during his presentation to Congress that there was no need to rush when it comes to interest rate cuts.

US President Donald Trump, on the other hand, had expressed the need to lower interest rates, stating that it would go hand in hand with upcoming tariffs.