CPI rises 0.7% on higher energy costs
The core consumer price index - which excludes food and energy prices - increased 0.2%, as expected.
The increases in the seasonally adjusted CPI should keep the Federal Reserve on course to raise its overnight interest rate target to 4.75% in late March. Additional rate hikes will remain under consideration.
The Fed has said it believes it is "close" to the end of its rate hikes, but remains concerned that the economy will overshoot and inflationary pressures could rise. Higher energy prices could spill over into a general price escalation.
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