Inflation rate ticks up as Fed decides on interest rates

Justin Boggs is a writer for the E.W. Scripps company. Justin covers anything from politics to sports and entertainment.

The consumer price index, the top measure for inflation in the U.S., increased to 3.2% in the 12-month period ending in February, which was up from 3.1% in January. The Bureau of Labor Statistics released the updated consumer price index on Tuesday. The rate remains a far cry from the over 9% inflation rate the U.S. faced in mid-2022.

The biggest driver keeping inflation elevated is shelter, which was up 5.7% last month compared to February 2023. Federal Reserve Chair Jerome Powell has made it the Fed's goal to get inflation to an annualized rate of 2%. Powell has suggested the Federal Reserve will lower interest rates early in 2024 as inflation stabilizes. But it's unclear whether the latest consumer price index would cause hesitation by Powell and the Fed.

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