Core CPI i.e. consumer prices ex-food and energy were up 0.3 percent, above expectations of a 0.2 percent MoM rise.
The energy index fell 1.7 percent in January and the food index was unchanged, after rising 0.2 percent every month for the last three months. From the BLS press release:
"Increases in the indexes for shelter and apparel accounted for much of the increase in the index for all items less food and energy, with advances in the indexes for recreation, medical care, and airline fares also contributing.
"The index for all items less food and energy increased 1.9 percent for the 12 months ending January. Airline fare (3.8 percent), medical care (3.1 percent), shelter (2.2 percent), and apparel (2.1 percent) were among the indexes that rose more quickly."
Investors watch this number because it is a monthly indicator of