US inflation rises broadly, further denting rate cut prospects

Washington | US inflation picked up broadly at the start of the year, further diminishing chances the Federal Reserve will cut interest rates anytime soon.

The consumer price index rose 0.5 per cent last month, the most since August 2023 and led by a range of household expenses like groceries and gas. Shelter accounted for nearly 30 per cent of the advance, according to the Bureau of Labor Statistics.

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Bloomberg