The Globe and Mail reports in its Friday, March 1, edition that an inflation gauge favored by the Federal Reserve increased in January, suggesting the U.S. consumer price slowdown is uneven from month to month. An Associated Press dispatch to The Globe reports that the government reported Thursday that prices rose 0.3 per cent from December to January, up from 0.1 per cent in the previous month. In a more encouraging sign, however, prices were up just 2.4 per cent from a year earlier, down from a 2.6-per-cent annual pace in December. The year-over-year cooling in inflation is sure to be welcomed by the White House as President Joe Biden seeks reelection. Still, even though average pay cheques have outpaced inflation over the past year, many Americans remain frustrated that overall prices are still well above where they were before inflation erupted three years ago. That sentiment could pose a threat to Mr. Biden's re-election bid. January's month-to-month price increase will likely underscore the concern expressed recently by the Fed about the risk of cutting interest rates too soon this year. One bright spot in Thursday's report was that incomes jumped 1 per cent from December to January.