Consumer prices increased 0.3% in January, annual rate was 3.1%, Labor Department

Consumer prices increased 0.3% in January and at an annual rate moved to 3.1%, the Labor Department reported Tuesday.

Economists surveyed by Dow Jones predicted a 0.2% monthly increase and an annual gain of 2.9%, according to CNBC. 

The increases are in the the agency's monthly Consumer Price Index report, a broad-based measure of what people in the U.S. pay for goods and services. 

The 0.3% increase was from December to January, and the 3.1% increase was over 12 months.

The cost of housing, or "shelter," accounted for much of the increase, according to the agency's Bureau of Labor Statistics, which compiles and publishes the report.

Food prices also increased, while energy prices declined by 0.9%, CNBC also reports.