The Federal Reserve's preferred inflation gauge ticked higher in January, a sign that price pressures remain entrenched in the U.S. economy and could lead the Fed to keep raising interest rates well into this year.
On a year-over-year basis, prices rose 5.4%, up from a 5.3% annual increase in December
The report also showed that consumer spending rose 1.8% last month from December after falling the previous month. The Fed is thought to monitor the inflation gauge that was issued Friday — the personal consumption expenditures price index — even more closely than it does the government's better-known CPI.
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