The Labor Department reported that the consumer price index rose 0.2 percent in January, paced by a surge in apparel costs, and the official measure of U.S. inflation now stands at an annual rate of 2.9 percent, down from a 3.0 percent rate in December.
The so-called “core rate” of inflation – excluding food and energy – also rose 0.2 percent in January and now sports a 2.3 percent year-over-year gain, its largest 12-month increase since September 2008.
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