Inflation rose 0.4% in February as prices remain stubbornly high
Inflation rose 0.4% in February as prices remain stubbornly high
Economists expected core inflation to increase again in February
Where should the Fed funds rate be to combat inflation?
Hoover Institution senior fellow John Taylor reacts to the Federal Reserve’s efforts to combat inflation on ‘Kudlow.’
Inflation remained uncomfortably high in February, although it has cooled slightly from a peak notched in 2022.
The Labor Department said Tuesday that the consumer price index, a broad measure of the price for everyday goods including gasoline, groceries and rents, rose 0.4% in February from the previous month. Prices climbed 6% on an annual basis.
Those figures were both in line with forecasts by Refinitiv economists.
It marked the slowest annual inflation rate since September 2021. Still, inflation remains about three times higher than the pre-pandemic average, underscoring the persistent financial burden placed on millions of U.S. households by high prices.
Core prices – which strip out the more volatile measurements of food and energy – climbed 0.5% in February from the previous month.
This is a developing story. Please check back for updates.
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