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U.S. Inflation Hits 39-Year High of 7%, Sets Stage for Fed Hike

  • CPI and core prices rise more than forecast from month earlier
  • Shelter, used cars fueled gain, energy costs turned lower
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U.S. Consumer Prices Meet Expectations With 7% Gain
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U.S. consumer prices soared last year by the most in nearly four decades, sapping the purchasing power of American families and setting the stage for the Federal Reserve to begin hiking interest rates as soon as March.