The US inflation indicator closely monitored by the Federal Reserve rose to 3.1% year-on-year in January. This is slightly higher than December's level and in line with analysts' expectations.

This is the core personal consumption expenditures price index, which excludes food and fuel. Month-on-month, it increased 0.4%, maintaining December's pace. This result was in line with market forecasts.

The overall PCE index, published by the US Commerce Department, was 2.8% year-on-year, up from 2.9% the previous month. Month-on-month, the indicator increased 0.3%, also in line with expectations.

The Federal Reserve is targeting a 2% inflation target, so the latest data will be important for the regulator's upcoming meeting. The market expects the US central bank to keep interest rates unchanged, while continuing to assess price dynamics and external risks.