Inflation cooled down again in February as the Fed wrestles with the Silicon Valley Bank failure
Elevated inflation continued to fall in February, based on year-over-year changes, and matched the forecast from economists.from the Bureau of Labor Statistics, CPI soared 6.0% year-over-year in February. That shows inflation continuing to cool down following January's 6.4% increase from a year earlier and matching expectations from economists surveyed by Bloomberg.
Core CPI, which excludes volatile food and energy prices, rose 5.5% in February from a year ago in February 2022. Surveyed economists anticipated a slowdown — from 5.6% to 5.5%. The index for shelter isn't slowing down: it soared 8.1% in February from February 2022. Seasonally adjusted data shows that index ticked up by 0.8% from January to February. Tuesday's news release from the Bureau of Labor Statistics stated that the shelter index"was the largest contributor to the monthly all items increase, accounting for over 70 percent of the increase."
The latest inflation figures come a week before the Federal Reserve meets to decide whether and how much to raise interest rates in its ongoing war against rising prices. While the Fed will likely appreciate the continuing slowdown in inflation, developments in the labor market and banking sector are making the Fed's fight against inflation more complicated.
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