Wall Street expects the overall inflation rate for January to decline, but the core inflation rate to rise.

Overall CPI: up 0.26% month-over-month, up 2.5% year-over-year (lower than December's month-over-month increase of 0.31% and year-over-year increase of 2.7%)
Core CPI: up 0.34% month-over-month, up 2.5% year-over-year (the core month-over-month increase is faster than December's 0.24%, but the year-over-year growth rate is at 2.6% %))
Notably, the forecast range for core CPI is unusually wide (from 0.25 to 0.42), indicating more uncertainty about the impact at the end of the year, and tariff pass-through adds another layer of ambiguity.