CPI data shows rising inflation at 0.5% MoM, 3.0% YoY. Market reacted with Treasury yields up, equity futures down. Click for more on the inflation data.

The U.S. consumer price index increased more than expected in January, reinforcing the Federal Reserve's message that it was in no rush to resume cutting interest rates amid growing uncertainty over the economy.

It's less than half an hour to the January consumer-price-index reading, and investors should be aware of the data's tendency to run a little hotter than expected as the new year gets under way. The consumer-price index and its more closely followed core reading,

The CPI jumped 0.5% last month after gaining 0.4% in December, the Labor said on Wednesday. In the 12 months through January, it increased 3.0% after advancing 2.9% in December. Economists polled by Reuters had forecast the CPI gaining 0.3% and rising 2.9% year-on-year.

The consumer price index shows that inflation accelerated in January at a pace economists weren't forecasting, rising 3% on an annual basis and 0.5% monthly. CBS News MoneyWatch correspondent Kelly O'Grady reports.