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Inflation highest since 2012, PCE

The higher cost of goods such as gasoline pushed U.S. inflation in January to the highest level since 2012, offsetting rising household incomes and raising the odds of an increase in interest rates soon. A government report that tracks consumer spending showed a modest increase of 0.2% last month, with incomes rising even faster at 0.4%. Economists forecast a 0.4% gain in spending.

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