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U.S. Inflation Accelerates
Growth in the U.S. consumer price index accelerated to an unexpectedly high 0.5% in January, raising the likelihood of higher interest rates.
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Growth in the U.S. consumer price index accelerated to an unexpectedly high 0.5% in January from 0.2% in December. The increase raises the likelihood of higher interest rates.
The running 12-month average inflation rate through last month was 2.1%, according to the U.S. Dept. of Labor. When volatile food and energy prices are ignored, the core rate expanded 0.3% in January and 1.8% for the past 12 months.
The Federal Reserve considers a 2% inflation rate ideal. The Fed most recently raised its benchmark rate by 0.25 points to a range of 0.75%-1.0% in mid-March. At the time, the central bank predicted core inflation would climb to 2% in 2018-2019.
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