Americans faced persistently higher costs for rents and food, posing a dilemma for the Fed.
last week that the U.S. central bank would likely need to raise rates more than expected, leading financial markets to expect that a half-percentage-point rate increase was on the table next week.
Excluding the volatile food and energy components, the CPI increased 0.5%, the biggest gain since September, after rising 0.4% in January. Given that inflation is far from subsiding and the labor market is still tight, some economists expect the Fed to press ahead with its rate hiking campaign. Independent measures, however, suggest rental inflation is cooling, leading many economists to believe that price pressures could decelerate considerably in the second half of the year. The rent measures in the CPI tend to lag the independent gauges.
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