Inflation ticked down in January year-over-year but nevertheless exceeded expectations as officials at the Federal Reserve continue to consider cutting interest rates from their 23-year high, according to the latest Bureau of Labor Statistics (BLS) release on Tuesday. The consumer price index (CPI), a broad measure of the prices of everyday goods, increased 3.1% on an annual basis in January and 0.3% month-over-month, compared to 3.4% in December year-over-year, with expectations of 2.9% year-over-year, according to the BLS. Core CPI, which excludes the volatile categories of energy and food, …