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U.S. Consumer Prices Inch Up 0.1% In January

With higher prices for food and shelter offsetting a steep drop in gasoline prices, the Labor Department released a report on Thursday showing a modest increase in U.S. consumer prices in the month of January.

The Labor Department said its consumer price index inched up by 0.1 percent in January after rising by 0.2 percent in December. Economists had expected prices to increase by 0.2 percent.

Core consumer prices, which exclude food and energy prices, rose by 0.2 percent in January after ticking up by 0.1 percent in the previous month. The increase in core prices matched economist estimates.

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