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That 3.6% reading equaled the Dow Jones estimate and appeared to be the highest level since May 1991.

• On a monthly basis, the inflation reading was more subdued. Core inflation rose 0.3%, in line with estimates, while the headline number was up 0.4%.

• The Fed has viewed inflation pressures this year as largely the result of temporary pressures, though officials in recent days have conceded that the situation may last longer than originally thought.

• Atlanta Fed President Raphael Bostic told CNBC on Friday that business contacts in his region have told him they see inflation persisting beyond the near-term time frame.

SOURCE: CNBC