Inflation remains elevated but the temperature is coming down, according to the latest Consumer Price Index.
The closely watched gauge of inflation, released Tuesday morning, showed that annual price increases continued to slow in February, according to the report from the Bureau of Labor Statistics.
“Inflation has peaked, but it hasn’t gone into hibernation,” said Mark Hamrick, senior economic analyst for Bankrate. Food prices continued to cool. Overall food prices were up 9.5% for the 12 months ending in February, representing the lowest annual rate for the category since April. Prices for food at home were up 10.2% in February, the lowest since March 2022.
“Services inflation is still hot; the Fed still has work to do, and their actions and communications are going to come under increasing scrutiny given the events of the past few days,” said Andrew Patterson, senior international economist for Vanguard, citing. “They need to be careful in balancing the risks of price and financial stability.”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Consumer inflation may have cooled in February but only slightlyConsumer inflation may have cooled off a little in February, but economists expect it is still running at a high pace.
Read more »
February inflation report likely to show consumer prices remain elevatedThe consumer price index likely remained stubbornly high in February as inflation continues to inflict financial pain on millions of American households.
Read more »
US expected to report strong consumer price increases in FebruaryU.S. consumer prices likely rose at a solid pace in February amid sticky rental housing costs, but economists are divided on whether the data will be enough to push the Federal Reserve to hike interest rates again next week after the failure of two regional banks.
Read more »
Inflation fell for the eighth-straight month in February | CNN BusinessUS inflation is still high, but it's falling. Last month's Consumer Price Index measured 6%, down from January's 6.4%.
Read more »
Consumer prices continued to rise quickly in FebruaryBREAKING: The Consumer Price Index rose 0.4% in February, slowing only slightly from the prior month. Food, energy, and furniture were among the categories that saw prices rise, while used car and trucks saw prices decline outright over the month.
Read more »
Inflation gauge increased 0.4% in February, as expected and up 6% from a year ago
Read more »