Consumer Price Index data released by the Bureau of Labor Statistics this morning revealed that inflation cooled modestly in February, but remained stubbornly high and well above the Federal Reserve’s 2% target.
The CPI, a closely watched inflation gauge, rose 6% in February from a year earlier, versus a 6.4% gain the prior month, marking the slowest pace since September 2021.
Headline inflation rose 0.4% over last month, also a slowdown from January’s 0.5% month-over-month increase.
Both measures were in-line with economist expectations, according to data from Bloomberg.
The data comes as the Federal Reserve contemplates its next interest rate move while confronting price pressures and bank failures.
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