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Surprisingly high US inflation reading stokes interest rate concerns

A key measure of US inflation grew by a higher-than-expected rate in January, adding to concerns about rising interest rates that have roiled global stock markets.

The US consumer price index increased by 0.5% in January compared to December, according to the Bureau of Labor Statistics. The market was expecting a rise of 0.3%.

Over the last 12 months, the index rose 2.1% before seasonal adjustment.

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