USA: Inflation increased in February more than anticipated

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USA: Inflation increased in February more than anticipated

According to AP and Reuters, the US Consumer Price Index rose more than anticipated in February due to rising gas prices, supporting expectations that the Federal Reserve may delay interest rate reductions.

The US Department of Labor released data on Tuesday that showed the Consumer Price Index increased 3.2% year over year in February after rising 3.1% the month before. Analysts had predicted an annual inflation rate of 3.1%, but this result was higher.

Consumer prices increased by 0.4% in February compared to a 0.3% increase in January, exceeding experts’ expectations by 0.4%.

More over 60% of the monthly increase in consumer prices was attributed to housing expenditures, including rent, and gasoline.

The majority of experts anticipate that inflation will decline this year despite the February figures, and the US Federal Reserve (Fed) will proceed cautiously with interest rate reductions.

In keeping with forecasts from analysts, Fed policymakers unanimously voted at their most recent meeting on monetary policy to keep the interest rate between 5.25% and 5.50%. In the last 22 years, this is the highest level.

Photo source: REUTERS

 

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