An inflation measure closely watched by the Federal Reserve rose again in January as high prices continued to weigh on millions of Americans.

The personal consumption expenditures (PCE) index showed that consumer prices rose 0.3% from the previous month, according to the Labor Department. On an annual basis, prices climbed 2.4% – down slightly from the 2.4% reading recorded the previous month.

The figures were both in line with estimates from Refintiv economists.

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