CPI data for January offered a slight surprise on the negative side, suggesting that the specter of inflation is yet to be fully exorcised from the US economy. The first month of 2023 saw month-on-month gains in food (0.5%), energy (2%), and the overall index (0.5%), reversing the declining trend of previous months.  In annual terms, prices were up 6.4% year-on-year, down from 6.5% the month before.