The Globe and Mail reports in its Thursday edition that U.S. inflation rose in January, driven by higher costs for groceries, gasoline and rent. An Associated Press dispatch to The Globe reports that the consumer price index increased 3 per cent year-over-year, up from 2.9 per cent the previous month and above the Federal Reserve's 2-per-cent target. This marks a stubborn inflation trend persisting for about six months after a decline over the previous year and a half. Rising prices became a big challenge for former president Joe Biden. Donald Trump promised to lower prices on "Day 1" if elected, but many economists fear his proposed tariffs could temporarily raise costs. The unexpected boost in inflation could dampen some of the business enthusiasm that arose after Mr. Trump's election on promises to reduce regulation and cut taxes. The Dow fell 400 points in midday trading Wednesday. Bond yields rose, a sign traders expect inflation and interest rates to remain high. Wells Fargo economist Sarah House says: "We're really not making progress on inflation right now. This just extends the Fed's hold." Chairman Jerome Powell said Wednesday the Fed "has made great progress" on inflation "but we're not quite there yet."