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Morgan Stanley expects the US core consumer price index (CPI) to rise 0.2 percent in January, in line with its three-month average, but sees the headline CPI falling for the fourth consecutive month to 1.5 percent from 1.9 percent.  

The data due at 13:30 GMT is expected to show the cost of living ticked 0.1 percent month-on-month in January, following a 0.1 percent drop in December.