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The U.S. inflation rate nearly doubled in January, rising from December’s 0.7 percent to 1.3 percent in the new year. This number, as reported by the Federal Reserve’s preferred PCE index, further flirts with the notion that an additional interest rate boost may be on the horizon.

At 1.3 percent, the 12-month rate of inflation is at its highest level since 2014. Despite this, Fed officials are waiting until the rate boosts a little higher—closer to 2 percent—before they will consider another rate hike.

For more information, visit www.federalreserve.gov.

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