Inflation update: January PCE price index up 1.7 percent year-on-year

The PCE price index, favored by the Fed as a read on inflation, increased 0.4 percent in January and 1.7 year-on-year, still below its target of 2.0 percent. Excluding food and energy, the PCE price index increased 0.3 percent in January and 1.5 year-on-year.

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