The hotter-than-expected consumer price data for January adds to a growing expectation among economists that the Federal Reserve will raise interest rates with four quarter-point moves this year, rather than the three they penciled in last December, economists said. “I think this does cement the four rate hikes, given the inflation backdrop,” said Jeffrey Cleveland, chief economist at Payden &Rygel, an investment management firm based in Los Angeles. U.S. consumer prices rose 0.5% in January, the biggest monthly increase since August 2012. Core CPI rose 0.3%. The hot inflation “helps the Fed tell their story that the ... (full story)