The Federal Reserve's preferred inflation gauge showed prices rose as expected in January at a pace that remains above the central bank's target level as its efforts to tamp down inflation continue.

The Commerce Department on Friday reported that the personal consumption expenditures (PCE) index was up 0.3% from the prior month and 2.5% on an annual basis. Those figures were in line with the estimates of economists polled by LSEG.

Core PCE, which excludes volatile food and energy prices, rose 0.3% for the month and 2.6% from a year ago, in line with estimates.

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