Key U.S. inflation measure surges at fastest rate since June

Updated at 9:30 p.m.

Associated Press

02/24/2023

Consumer Spending — Customers walk around the Walmart Supercenter in North Bergen, N.J. Consumer prices rose 0.6% from December to January, up sharply from a 0.2% increase from November to December. On a year-over-year basis, prices rose 5.4%, up from a 5.3% annual increase in December. MUNOZ ALVAREZ / ASSOCIATED PRESS

WASHINGTON (AP) – The Federal Reserve's preferred inflation gauge rose last month at its fastest pace since June, an alarming 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. Friday's report from the Commerce Department showed that consumer prices rose…

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