The U.S. Personal Consumption Expenditures (PCE) price index increased by 0.3% month-over-month in January, with a year-over-year rise of 2.8%. Excluding food and energy, the core PCE index rose 0.4% from the previous month and 3.1% year-over-year. These figures remain above the Federal Reserve's 2% inflation target, indicating persistent inflationary pressures in the economy.