Inflation rises faster than expected in January as high prices persist

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The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.3% in January from the previous month, more than expected.

Prices climbed 3.1% from the same time last year, which also came in above the 2.9% expectation from Refinitiv economists.

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

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