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US consumer prices rise less than forecast in January

US consumer prices rise less than forecast in January

Consumer prices in the United States rose less than forecast in January, Labor Department data showed on Thursday.

The consumer price index (CPI) saw a 0.1 percent surge in January, following a 0.2 percent increase in February, coming in below estimates of 0.2 percent rise. The year-on-year reading rose to 2.5 percent from a previous of 2.3 percent.   

Core CPI- excluding volatile food and energy prices- showed a 0.2 percent surge, similar to forecasts, compared to December’s reading of 0.1 percent, while were 2.3% up year over year.

The dollar index traded slightly lower at 98.86, but remained close to the session’s high of 98.93, which is the highest since October 2019.

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