The Consumer Price Index for All Urban Consumers increased 0.5% on a seasonally adjusted basis in January, after rising 0.4% in December, the U.S. Bureau of Labor Statistics reported today.

The latest CPI report reveals a 3% increase in prices compared to last year, with eggs being just one of the many items seeing higher costs. CBS News Moneywatch correspondent Kelly O'Grady breaks down the key takeaways from the report.

Another month, another expected miss for inflation as it relates to the Fed's goal, with concerns aplenty about what happens from here.