Consumer prices up slightly, as deflation worries cool

In the past year, overall prices have increased only 1.1 percent, keeping concerns about deflation mostly at bay. 

In response to low inflation, the Federal Reserve has kept interest rates at a record low — near zero — to promote economic growth. Policy officials have said they would keep interest rates low for an "extended period of time." 

The Fed is scheduled to meet Tuesday and will likely hold interest rates in place, despite some push-back that interest rates should be gradually allowed to rise.