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U.S. inflation rose more than expected in January

Counting money
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.