(Bloomberg) -- Here are the key takeaways from the January US CPI report released Tuesday:

• Consumer price growth reaccelerated, with the main headline figures rising at a faster pace than economists forecast. CPI rose 0.3% from the prior month, ticking up from December, while climbing 3.1% on an annual basis, down slightly from December’s 3.4% rate. The core prices gauge — which leaves out energy and food — remained at a 3.9% growth rate from the prior year.
• The increase was led by categories that economists and markets were expecting would start to ease, namely shelter costs and other services. Shelter was the single largest contributor to January inflation and items including medical care and transportation services also picked up. The gains were broad across services.
• Another troubling metric was the supercore measure of CPI, which the Federal Reserve watches closely and includes core services costs minus housing. That showed a reacceleration from the prior year to the fastest pace since May. On a monthly basis, prices rose at their fastest since April 2022.
• Needless to say, this report chills market expectations for a May rate cut. But Fed officials have been warning that they need to see more evidence of a sustained trend toward their 2% inflation target (and this report certainly showed the opposite). While there will be another CPI report and several other key readings before the next Fed meeting, this data shows that the fight against inflation isn’t over.
• Treasuries tumbled as traders put off their estimates for the start-date of Fed rate cuts. Swaps contracts shifted the first full pricing of a rate cut to July from June. Two-year yields were up 12 basis points at 4.59% as of 9:22 a.m. in New York. Stock futures tumbled, with S&P 500 contracts down 1.4%. The dollar jumped against all major currencies, and pushed past 150 yen.

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--With assistance from Christopher Anstey.

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