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Source: US Department of Labor Source: US Department of Commerce <br />Inflation <br />The Consumer Price Index (CPI)increased in January by 0.5%month-over-month and 6.4%year-over-year.The Core CPI,which excludes <br />volatile food and energy components,rose 0.4%month-over-month and 5.6%year-over-year.Both measures increased more than expected <br />and showed a slower deceleration than in recent months.Energy,shelter,and food costs were key contributors to the January increase.The <br />Personal Consumption Expenditures (PCE)index accelerated more than expected in January,increasing 5.4%year-over-year versus an <br />upwardly revised 5.3%year-over-year gain in December.Core PCE increased 4.7%in January versus an upwardly revised 4.6%year-over-year <br />gain in December.Inflationary trends remain well above the Fed's 2%target and support further rate hikes and tighter conditions for an <br />extended period. <br />0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />7.0% <br />8.0% <br />9.0% <br />10.0% <br />Personal Consumption Expenditures (PCE) <br />PCE Price Deflator YOY % Change <br />PCE Core Deflator YOY % ChangeYOY( %) Change0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />7.0% <br />8.0% <br />9.0% <br />10.0% <br />Consumer Price Index (CPI) <br />CPI YOY % Change <br />Core CPI YOY % ChangeYOY( %) Change5