WASHINGTON — U.S. consumer prices rose in January at the fastest pace in nearly four years, strengthening the case for the Federal Reserve to raise interest rates this year.
The Labor Department says consumer prices rose 0.6
Overall, consumer prices rose 2.5
After remaining low following the 2007-2009 Great Recession, inflation is running above the Fed's 2
The Fed left a key interest rate unchanged at its Jan. 31-Feb. 1 meeting. It said it needs more time to monitor the economy but still expects to raise rates gradually.