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Inflation Rate Increases in February

Tue, March 12, 2024 2:14 PM | Anonymous

The Bureau of Labor Statistics reported that the nation’s inflation rate rose to 3.2% for the year ending in February. The news on the consumer price index (CPI), could delay the Federal Reserve’s decision to reverse course and start the process of gradual cuts to interest rates – pushing back such plans a few months at best. During the past two years, the Fed has worked to drive down inflation through a series of rapid/aggressive hikes to interest rates. The stubborn upward movement in inflation reported for February ‘24 has not only stymie hopes of interest rate cuts, but also may complicate the ability to orchestrate a “soft landing” where the high rates don’t damage economic activity. [NOTE: On a month-to-month basis, CPI inflation rose by 0.4%, which was in line with projections; while “core inflation,” a measure that excludes the volatile categories of food and energy, fell a tenth of a percentage point to a yearly basis of 3.8% ending in February].

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