Inflation has been surging since 2021, and the Federal Reserve hasn't taken kindly to it. In 2022, the Fed raised interest rates seven times in an effort to slow the pace of inflation. And that made life more expensive for consumers at a time when costs were already higher.

While the Fed doesn't set consumer borrowing rates directly, it tends to indirectly drive up the cost of borrowing when it raises its benchmark interest rate. Meanwhile, in January, the Consumer Price Index (CPI) rose 0.5%, compared to December. That's a pretty notable month-to-month uptick and could be enough to spur an aggressive rate hike at the Fed's next meeting.

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Source Fool.com