Inflation rises 3% in January, hotter than expected

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Inflation ticked higher in January as stubbornly high prices continued to strain Americans’ household finances as the Federal Reserve weighs a continued pause to its interest rate cut plans.

The Labor Department on Wednesday said that the consumer price index – a broad measure of how much everyday goods like gasoline, groceries and rent cost – increased 0.5% in January while it rose to 3% on an annual basis. 

Both the annual and headline CPI figures were hotter than the estimates of economists polled by LSEG. 

This is a developing story. Please check back for updates.

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