LESTER HOLT: Now to the economy and a rough day for the markets. The Dow falling more than 500 points after inflation slowed last month, but not as much as expected. The January Consumer Price Index rose 3.1%, still far from the Federal Reserve's target. Our senior business correspondent Christine Romans is here to explain what drove the surprise.
CHRISTINE ROMANS: You know, Lester- gasoline and used car and truck prices fell. Housing, groceries, car insurance and health care, among the biggest costs for most people, they all rose. And when you look at the cumulative effect, overall prices are almost 20% higher today than four years ago, before the pandemic. And grocery prices, they're up 25%. That's hitting people when they go to the store. It's part of the disconnect we are seeing between recent progress on inflation and strong economic numbers and how people are feeling. And with inflation not coming down more sharply last month, you saw that big drop in the markets today, in part because the Fed is less likely to lower interest rates any time soon.
HOLT: All right, Christine, thank you.