By CHRISTOPHER RUGABER and ANNE D’INNOCENZIO, Associated Press Business Writers
WASHINGTON (AP) — U.S. inflation picked up a bit last month as food costs rose, though overall inflation remained mostly tame.
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The figures suggest inflation remains stubbornly above the Federal Reserve’s 2% target, which makes it less likely that the central bank will cut its key short-term interest rate. Trump has repeatedly urged the central bank to reduce borrowing costs.
Last week, the Labor Department’s Bureau of Labor Statistics, which compiles the inflation data, said it is reducing the amount of data it collects for each inflation report. Economists have expressed concern about the cutback, and while it isn’t clear how sharp the reduction is, most analysts say it is likely to have a minor impact. Still, any reduction in data collection could make the figures more volatile.
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