The Labor Department report showed that the consumer price index rose 0.3% from December to January, up from a 0.2% increase the previous month.
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The latest gains far exceeded expectations and showcased employers’ willingness to keep hiring to meet steady consumer spending.
The Federal Reserve left a key interest rate unchanged for now, but its statement indicates the central bank has shifted toward considering rate reductions.
The latest figures marked the sixth straight quarter in which the gross domestic product has grown at an annual pace of 2% or more.
The Justice Department sued to block the merger, saying it would drive up fares by eliminating Spirit, the nation’s biggest low-cost airline.
The unemployment rate was unchanged at 3.7% — the 23rd straight month that joblessness has come in below 4%.
The Federal Reserve kept its key interest rate unchanged Wednesday for a third straight time, and Chairman Jerome Powell said inflation has cooled.
The Fed kept its benchmark interest rate at its highest level in 22 years but left the door open for further rate hikes if inflation pressures accelerate.
The Commerce Department said the economy expanded last quarter at the fastest pace in more than two years.
The plan announced Wednesday by President Joe Biden is expected to help 125,000 student loan borrowers by eliminating debt through existing programs.