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Inflation surges in January by most in four years, CPI shows

The prices Americans pay for goods and services surged in January by the largest amount in four years, mostly reflecting a rebound in the cost of gasoline that’s taking a bigger chunk out of household incomes. The consumer price index, or cost of living, rose by a seasonally adjusted 0.6% in January. Economists polled had predicted a 0.3% increase. As has been the case lately, A big increase in the cost of gasoline accounted for almost half of the increase in consumer inflation in January.

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