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Noel Hendrickson/Getty Images(NEW YORK) Consumer prices rose 3.1% in January compared to a year ago, slowing markedly from the previous month but missing expectations of an even larger cooldown, a report from the Bureau of Labor Statistics released on Tuesday showed. Still, the falling inflation offered welcome news for the Federal Reserve as it weighs interest rate cuts. Core inflation a closely watched measure that strips out volatile food and energy prices increased 3.9% over the year ending in January, matching the cooldown from the prior month. The report from the U.S. Bureau of Labor Statistics follows a slight acceleration of price increases in December. That jump in inflation had complicated the Federal Reserve s plans to deescalate its inflation fight with a series of interest rate cuts this year. Fewer than two weeks ago, the central bank decided to leave interest rates unchanged, opting to observe further economic performance before reversing a near-historic serie

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