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Consumer prices rose 0.3% in January, more than expected, as the annual rate rose to 3.1%

Inflation rose more than expected in January as stubbornly high housing prices weighed on consumers, the Labor Department reported Tuesday.

The consumer price index, a broad measure of prices buyers of goods and services face across the economy, rose 0.3% for the month, the Bureau of Labor Statistics reported . Over 12 months, this amounts to 3.1%.

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