An inflation gauge closely watched by the Federal Reserve rose faster than expected in January as consumer prices remain stubbornly high, according to new data released Friday.

The personal consumption expenditures (PCE) index showed that consumer prices rose 0.6% from the previous month and rose 5.4% on an annual basis, according to the Bureau of Labor Statistics. Those figures are both higher than the 0.2% monthly increase and 5.3% headline jump recorded in December, a worrisome sign for the Federal Reserve as it tries to crush runaway inflation with the most aggressive series of interest rate hikes since the 1980s. 

Core prices, which strip out the more volatile measurements of food and energy, climbed 0.6% from the previous month and 4.7% year over year, faster than Wall Street economists expected.

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