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US Inflation Slightly Slows To 2.8% In Feb. - Report
(MENAFN- Kuwait News Agency (KUNA))
WASHINGTON, March 12 (KUNA) -- Ahead of federal Reserve meeting, the labor Department released closely watched February inflation data on Wednesday, showing it cooling slightly.
Even as the pace of price growth remained well above the Federal Reserve's goal ahead of the central bank's policy meeting next week, the Labor Department said the consumer price index (CPI) - a broad measure of how much everyday goods like gasoline, groceries and rent cost - increased 0.2% in February compared with last month, while it rose 2.8% on an annual basis.
Both the annual and monthly increases in headline inflation were cooler than the expectations of LSEG economists.
The so-called core prices, which include more volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% from the prior month and 3.1% on an annual basis, slower than the estimates of LSEG economists, the data showed.
It also revealed that inflationary pressures in the US economy remain persistent despite progress in bringing inflation closer to the Federal Reserve's 2% target over the past few years.
High inflation has created severe financial pressures for most US households, which are forced to pay more for everyday necessities like food and rent. Price hikes are particularly difficult for lower-income Americans, because they tend to spend more of their already-stretched paycheck on necessities and have less flexibility to save money.
Food prices increased 0.2% in February. The index for food at home was unchanged over the month and up just 1.9% over the past 12 months.
In the same vein, Treasury Secretary Scott Bessent said: "I'm not worried about inflation from tariffs."
Bessent pushed back on concerns that have been raised about tariffs causing inflationary pressures that raise consumer prices, saying they would just lead to a one-time "price adjustment". (end)
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Even as the pace of price growth remained well above the Federal Reserve's goal ahead of the central bank's policy meeting next week, the Labor Department said the consumer price index (CPI) - a broad measure of how much everyday goods like gasoline, groceries and rent cost - increased 0.2% in February compared with last month, while it rose 2.8% on an annual basis.
Both the annual and monthly increases in headline inflation were cooler than the expectations of LSEG economists.
The so-called core prices, which include more volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% from the prior month and 3.1% on an annual basis, slower than the estimates of LSEG economists, the data showed.
It also revealed that inflationary pressures in the US economy remain persistent despite progress in bringing inflation closer to the Federal Reserve's 2% target over the past few years.
High inflation has created severe financial pressures for most US households, which are forced to pay more for everyday necessities like food and rent. Price hikes are particularly difficult for lower-income Americans, because they tend to spend more of their already-stretched paycheck on necessities and have less flexibility to save money.
Food prices increased 0.2% in February. The index for food at home was unchanged over the month and up just 1.9% over the past 12 months.
In the same vein, Treasury Secretary Scott Bessent said: "I'm not worried about inflation from tariffs."
Bessent pushed back on concerns that have been raised about tariffs causing inflationary pressures that raise consumer prices, saying they would just lead to a one-time "price adjustment". (end)
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