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The first CPI reading of the year came out this morning, showing that inflation picked up for the fourth-straight month in January. The headline figure is up 3% over the year, slightly above what analysts had predicted. 

Month over month, prices across the board are up 0.5%, the biggest month increase since August 2023. The core index, which excludes food and energy prices, is up 0.4% from December. 

The January CPI report is always especially important as it reflects turn-of-the-year price changes. The first month of the year historically brings bigger price increases. 

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