Although inflation showed signs of cooling off in February, it remained stubbornly high. The 6% jump in inflation marks the slowest annual increase in consumer prices since September 2021. Data shows that consumer prices increased 6% over the last year:
of Silicon Valley Bank last week, which had pared expectations for the Fed's next move with markets now pricing in a 25 basis point, or 0.25%, rate hike later this month.
The energy index increased 5.2% for the 12 months ending February, while the food index increased 9.5% over the last year. The energy index dropped 0.6% from January to February, led by a 7.9% drop in the price of fuel oil. Gas prices rose 1.7% over last month in February but fell 2% from the same month last year.The shelter category of CPI rose 8.1% over the last year, accounting for over 60% of the total increase in "core" inflation.
Food costs continued to rise in February, with the food index rising 0.4% over last month. The food at home index rose 0.3% over last month as five of the six major grocery store food group indexes increased over the month, the BLS noted. Egg prices fell 6.7% in February.The Federal Reserve has hiked interest rates by a cumulative 4.
Last week, investors placed a better-than-50% chance on the Fed raising rates by 50 basis points this month following two days ofthat emphasized interest rates were likely to go higher than previously forecast. Developments from the banking sector over the last week have changed this outlook with some Wall Street analysts surmising the
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