While the headline annual CPI came down a tick to 6.4%, month-on-month prices rose by 0.5%. After the data came out, Peter Schiff appeared on NTD News to explain why inflation is going to get even worse.

Peter said the January data was bad news for anybody hoping that the Fed had won the inflation fight.

Powell has been talking about disinflation, and from that perspective, we have had numbers that have improved sequentially on a year-over-year basis. But that was bound to happen when you had a rate as high as 9.1, or wherever we peaked out so far."

But the small 0.1% drop in the annual CPI number wasn't much of an improvement.

In fact, maybe this is the trough for improvement. Maybe in February, we're going to see an uptick in the year-over-year inflation number."