By Chris Dorrell The Fed’s preferred measure of inflation ticked up in January in a sign that the central bank will likely have to delay cutting interest rates for a few more months. Figures from the Bureau of Economic Analysis showed the core personal consumption expenditure (PCE) index rose 0.4 per cent on the previous month, in line with economists’ expectations but up from 0.1 per cent in December. The monthly increase reflects the relatively stubborn rate of services prices, which increased 0.6 per cent on the previous month. On an annual basis, however, core PCE came in at 2.8 per cent, …