Inflation rate rose by 2.8% in February, CPI report shows. Here's what that means for price relief.
The inflation rate last month was slightly lower than forecast by economists, although price increases are still higher than the Fed would like.
CPI Inflation Was Higher Than Expected In January
Inflation rose unexpectedly in January, with the Consumer Price Index rising 3% over the last 12 months, up from 2.9% in December. Forecasters had expected inflation to slow down, but prices for food, gas, and housing pushed the inflation rate out of the 2% range for the first time since May.
February CPI inflation rises 0.2%, lower than expected
February inflation measured by the Consumer Price Index Wednesday was 2.8% annually and was up a lower than expected 0.2% for the month, seasonally adjusted.
Inflation rate picked up in January, CPI report shows. Here's what it means for your money.
On a monthly basis, the CPI rose 0.5%, versus economists' forecast for a 0.3% increase, according to FactSet. That's the biggest monthly jump since August 2023. It may be due to price increases set at the start of the year by many businesses, noted Bright MLS chief economist Lisa Sturtevant in an email.
Inflation slowed slightly to 2.8% in February ahead of Federal Reserve meeting
The Labor Department released the consumer price index for February which found inflation was 2.8%, in line with economists' expectations ahead of the next Federal Reserve meeting.
Inflation Relief: U.S. CPI Rose Less Than Forecast in February
Inflation in the U.S. softened more than expected in February, putting Federal Reserve rate cuts firmly back in plan as spring and summer approach. The Consumer Price Index rose 0.2% in February, according to a report from the Bureau of Labor Statistics on Wednesday morning.
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