The central bank’s preferred inflation measure, released on Friday, climbed 2.5 percent in January from a year earlier, slightly lower than the previous reading of 2.6 percent but still well above the Fed’s 2 percent target. On a monthly basis, prices increased 0.3 percent, in line with December’s pace.

Inflation in the Federal Reserve’s preferred price gauge eased in January after making steady increases throughout the fall. The personal consumption expenditures (PCE) price index increased by