The central bank’s preferred inflation measure, released on Friday, climbed 2.5 percent in January from a year earlier, slightly lower than the previous reading of 2.6 percent but still well above the Fed’s 2 percent target. On a monthly basis, prices increased 0.3 percent, in line with December’s pace.

Inflation pressures continued to moderate in January, which may give the Federal Reserve reason to lower interest rates again later this year. The personal consumption expenditures, or PCE, price index,