U.S. consumer prices accelerated across the board in January. The inflation data likely won’t deter U.S. Federal Reserve officials from lowering official interest rates again in March, but the figures could limit the size of future rate cuts.

The consumer price index rose 0.4% in January, the U.S. Labor Department said today. The core CPI, which excludes volatile food and energy prices, advanced 0.3%. The data exceeded Wall Street forecasts.

Consumer prices rose 4.3% on a year-over-year basis, matching the biggest increase since September 2005.

The core CPI grew a more modest 2.5% compared to January 2007, but that was still the highest annual rate since last March. Over the past three months, core inflation has risen at a 3.1% annual rate.

Energy prices last month increased 0.7% compared to December, according to today’s’ report. Gasoline prices advanced 1.2%, and electricity prices fell slightly. Food prices rose 0.7% on the month and 4.9% versus one year ago.

Meanwhile, U.S. home construction rose last month.

Housing starts increased 0.8% to a seasonally adjusted 1.012 million annual rate in January, after plummeting 14.8% in December to 1.004 million, the U.S. Commerce Department said today. Originally, Commerce reported December starts 14.2% lower at 1.006 million.

The increase — the first since October — was a little smaller than Wall Street expected. Economists had called for a 1.4% climb to an annual rate of 1.020 million. Year over year, housing starts during January were 27.9% below the level of construction in January 2007.