Wall Street Journal Gerry Baker’s editor of the importance of reducing permanent taxes and President Donald Trump blaming former President Biden for inflation during his Congress address.
Inflation cooled slightly in February even as the rate of price increase remained much over the purpose of the federal reserve before meeting the Central Bank policy next week.
The Wednesday’s work department said that the Consumer Price Index (IIK) – a large measure than daily goods such as gasoline, food items and rental cost – increased 0.2% in February compared to the previous month, while it increased 2.8% on an annual basis.
Both the annual and monthly growth of title inflation were cooler than the expectations of LSEG economists.
The so -called essential prices, which include more unstable gasoline and food measurements to better estimate price growth trends, increased 0.2% from the previous month and 3.1% on an annual basis, slower than LSEG economist estimates.
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The report showed that inflationary pressures in the US economy remain ongoing despite progressing in bringing inflation to the 2% target of the federal reserve in recent years.
High inflation has created severe financial pressures for most American households, which are forced to pay more for daily needs such as food and rent. Price increases are particularly difficult for lower income Americans because they tend to spend more on their payments already extended to needs and have less flexibility to save money.
Food prices increased 0.2% in February. The home food index was unchanged during the month and only 1.9% over the last 12 months.
Egg prices increased 10.4% on a monthly basis in February, while prices of meat, poultry and fish increased 0.5%. Pricements for fruits and vegetables, as well as non -alcoholic beverages, fell by 0.5% in February. Milk prices saw a greater drop of 1% per month.
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Inflation cooled by more than expected in February. (Michael Nagle / Xinhua through Getty Images / Getty Images)
Food away from the home index increased by 0.4% for February and increased by 3.7% over the past year.
Energy prices increased 0.2% in February – a lower monthly increase than 1.1% increase in January. Gasoline prices decreased 1% last month on a regulated seasonal basis, while natural gas prices were 2.5% higher.
Housing costs increased in February as the housing index increased by 0.3% per month. This leaves the housing index 4.2% higher than a year ago, marking the slightest 12-month growth since December 2021.
Transport costs decreased 0.8% in February, with a 4% decrease in airline fees more than compensation for increased vehicle maintenance and motor vehicle insurance – which each increased by 0.3%.
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Chairman of the Federal Reserve Jerome Powell said the Central Bank is not in a hurry to reduce rates as it monitors inflation and labor market data. (Photo by Alex Wong / Getty Images / Getty Images)
The data comes ahead of the Federal Reserve Policies meeting next week, when the Central Bank is expected to leave interest rates unchanged for the second consecutive meeting between inflation and labor market uncertainty. At its latest meeting in February, the Fed left its federal fund level at a target range of 4.25% to 4.5%.
“Reading today’s CPI more cooler than expected was a breath of fresh air, but no one should wait for the Fed to start lowering the norms immediately,” said Ellen Zentner, Economic Chief for Morgan Stanley Wealth Management. “The Fed has adopted an attitude of waiting and eyesight, and given the uncertainty of how trade and immigration policies will affect the economy, they will want to see more than a month friendly inflation data.”
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Markets have appreciated in a chance of 99% of the levels of stable federation when policymakers meet next week on March 18-19 from 96% the day before and 94% a week ago, according to CME Fedwatch Tool.