U.S. consumer prices rose by more than expected in January, driven by a sharp increase in egg prices amid an outbreak of bird flu, the U.S. Bureau of Labor Statistics reported Wednesday.

The consumer price index shows that inflation accelerated in January at a pace economists weren't forecasting, rising 3% on an annual basis and 0.5% monthly. CBS News MoneyWatch correspondent Kelly O'Grady reports.

Don’t expect to see much progress on cooling inflation in January’s data. The beginning of the year is typically ripe for cost increases and stronger price growth, which means Wednesday's report likely won’t sway the Federal Reserve from its wait-and-see approach to interest rates.

Economists see the core gauge as a better indicator of the underlying inflation trend than the overall CPI that includes often-volatile food and energy costs. The headline measure rose 0.5% from December and 3% from the year before. The BLS said nearly 30% of the advance was due to shelter.