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U.S. Consumer Prices Rise Above Expectations…EXCLUDING ENERGY

When excluding food and energy, whose primary component (gasoline) rose in price by 6.0% on the month, the Consumer Price Index rose 0.2% in the month of January alone. Expectations called for a rise of only 0.1%. December’s figure stayed flat from the month prior. Overall inflation in the 12 months through the first month has come out to be 1.7%, a tick down from the previous month’s data, but still 0.2% points above expectations.

In a speech given on Wednesday, Fed Governor Ben Bernanke stated that such developments would “help to better stabilize the public’s inflation expectations, thus contributing to keeping actual inflation from rising too high or falling too low.” Indeed, the central bank’s projected 2.0% longer-run inflation target seems to be on track to be met.

On the news, the U.S. Dollar continued it’s overnight rebound against the Euro. -LG

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