Underlying U.S. inflation probably rose in January by the most in a year, as tracked by the Federal Reserve’s preferred metric, highlighting the long and bumpy path to taming price pressures. The core personal consumption expenditures price index, which excludes food and energy costs, is seen rising 0.4% from a month earlier. That would mark the second straight monthly acceleration in a gauge that’s largely been receding over the past two years.

And when annualizing the data on a three- or six-month basis, both would rebound above 2% after dipping below the Fed’s target in December.

Fed officials have stressed they’re in no rush to lower borrowing costs and will only do so once they’re confident that inflation is retreating on a sustained basis.