US consumer prices show signs of acceleration in January

[...] the turmoil in the stock and bond markets after the Fed rate hike suggested to many investors that inflation might barely budge amid a slowing global economy.

Jennifer Lee, a senior economist at BMO Capital Markets, said that January's report on consumer prices affirms the Fed's decision and raises the potential for further rate increases later this year.

"[...] this justifies the December rate hike and keeps the Fed at the rate hike table," she said.

Top Fed policymakers have greater concerns about threats to U.S. economic growth coming from lower oil prices and slowing growth in China and other emerging markets, according to the minutes of their January meeting released Wednesday.