Even after the economy stalled in the fourth quarter, inflation pressures picked up at the start of 2013, according to a report released Friday by the Economic Cycle Research Institute.

The ECRI U.S. future inflation gauge increased to 105.2 last month, from 104.4 in December.

"While pointing to somewhat higher U.S. inflation pressures, the USFIG has not yet seen a pronounced, pervasive and persistent advance that would mark a cyclical upswing in inflation pressures," says Lakshman Achuthan, ECRI director.