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Hey there from CNN, I'm Chris de Bo with the five things you need to know for Tuesday, February 13th.

The first major inflation report of 2024 is out and price hikes eased somewhat but stayed stubborn in January.

Consumer prices rose 3.1% over the past year and 0.3% month over month.

Economists were expecting that annual number to be below 3%, which would be closer to the Federal

Reserve's 2% goal.

So don't get your hopes up for rate cuts in the next few months.

A top Fed official exclusively told CNN he doesn't see that happening until the summertime.

CNN's Vanessa Yerkavich breaks down what's costing people the most these days.

Where we are seeing sort of the biggest increases month over month and year over year

are still in shelter costs rent costs and month over month you're seeing shelter

rising by 0.6% that accounted for two-thirds of the overall monthly increase.

And then you're seeing food prices up 0.4% in the month of January, up 2.6% year over year. But energy, that's where you're going to get the savings.

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