Inflation ticked higher in January as stubbornly high prices continued to strain Americans' household finances as the Federal Reserve weighs a continued pause to its interest rate cut plans.

The Labor Department on Wednesday said that the consumer price index – a broad measure of how much everyday goods like gasoline, groceries and rent cost – increased 0.5% in January while it rose to 3% on an annual basis.&nbsp;

Both the annual and headline CPI figures were hotter than the estimates of economists polled by LSEG.&nbsp;

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The Labor Department released the consumer price index for January which showed that inflation remained elevated in as the Federal Reserve considers a continued pause on rate cuts.{ai:summary}Inflation rose 0.5% in January, with annual consumer prices increasing to 3%, straining household finances. The Labor Department's report exceeded economists' expectations, prompting the Federal Reserve to reconsider its interest rate cut plans. #economy

Inflation rises 3% in January, hotter than expected

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