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Fed’s favorite inflation gauge rose 0.2% in December

An inflation measure closely watched by the Federal Reserve rose in December after declining the previous month as high prices continued to weigh on millions of Americans. The personal consumption expenditures (PCE) index showed that consumer prices rose 0.2% from the previous month, according to the Labor Department. On an annual basis, prices climbed 2.6% – unchanged from the previous month. The figures were both…