Ask anyone buying groceries….
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% over the course of February, slightly faster than in January. On a 12-month basis, core prices are up 5.5%.
“February CPI data was a mixed bag, but the rise in core inflation shows we’re stuck on a plateau for now,” said Robert Frick, a corporate economist with Navy Federal Credit Union. “Inflation should start moving strongly lower this spring and summer, especially as lower rent costs work themselves into the numbers.”….
Even with the banks rock and rolling?
People expect the Fed to increase interest rates again….
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