A money changer counts US dollar banknotes. Photo: BAY ISMOYO / AFP via Getty Images

U.S. consumer price inflation climbed more than expected in January, which will likely heighten concerns that the economy is overheating, according to a Labor Department report released Wednesday.

Why it matters: The report has taken on higher significance after strong wage growth roiled the stock market, resulting in one of the most volatile trading months in years. The numbers may also add to investor fears that the Federal Reserve will raise interest rates at a faster pace than anticipated.

By the numbers: The consumer price index, which excludes volatile food and energy prices, were 1.8% higher from a year earlier, higher than the forecasted 1.7% estimate.

  • The CPI rose 0.5% from the previous month, higher than the estimated 0.3% increase.
  • The energy index increased 0.3%, also above the projected 0.2%.
  • Apparel costs jumped more than they have in nearly 30 years, according to Bloomberg, adding to signs of rising inflation.

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National Oceanic and Atmospheric Administration forecasters warned Thursday of the potential for an "extremely active" hurricane season in the Atlantic.

The big picture: The agency expects 19 to 25 named storms — with three to six major hurricanes — during the six-month hurricane season, which ends Nov. 30. The average season produces only 12 named storms.

New York AG files lawsuit to dissolve NRA

Wayne LaPierre. Photo: Saul Loeb/AFP via Getty Images

New York Attorney General Letitia James filed a lawsuit Thursday to dissolve the National Rifle Association, alleging the group committed fraud by diverting roughly $64 million in charitable donations over three years to support reckless spending by its executives.

Why it matters: The NRA is the most powerful gun lobby in the country and receives a huge amount in donations each year, but New York's investigation claims that CEO Wayne LePierre and other top leaders undermined the organization's mission for their own personal benefit.

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How 2,750 tons of ammonium nitrate were stranded in Beirut

The port after the explosion. Photo: AFP via Getty Images

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Why it matters: The Rhosus made an unscheduled stop in Beirut, apparently due to engine problems. The ammonium nitrate never left the port, but destroyed it nearly seven years later, along with much of the city.