Inflation gauge Consumer Price Index increased 5.4% in January, compared to 12 months prior

The Consumer Price Index for January increased 5.4%, compared to 12 months earlier, the Commerce Department said Friday.

The index is the Federal Reserve's preferred inflation gauge, and the increase is a sign the prices of goods remain high and could lead the Fed to keep raising interest rates well into this year, according to the Associated Press.

The report also shows that consumer prices rose 0.6% from December to January, compared to a 0.2% increase from November to December.