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US consumer prices up 0.3% in January, led by energy spike

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WASHINGTON – U.S. consumer prices rose 0.3% in January, led by a surge in energy. Though the gain was the biggest monthly increase since July, inflation in the past year remains modest.

The rise in consumer prices followed 0.2% gains in both November and December, the Labor Department reported Wednesday, and last month's hike was the sharpest since prices rose 0.5% in July, a month when the country was re-opening following the coronavirus lockdowns in the spring.

Over the past year, inflation is up a modest 1.4%. Core inflation, which excludes volatile food and energy costs, is also up 1.4% with core prices unchanged in January.

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