Rural Radio Network on Nostr: Inflation ticked up in February, reversing some prior progress ========== Consumer ...
Inflation ticked up in February, reversing some prior progress
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Consumer prices rose 3.2% in February compared to a year ago, slightly higher than expected. Inflation still stands more than a percentage point higher than the Federal Reserve's target rate of 2%. Core inflation increased 3.8% over the year ending in February. Food prices rose 2.2% since the previous year, while energy prices fell. Housing prices rose 5.7% over that period. The prices for many grocery store staples have moderated, but some routine grocery goods have continued to rise faster than the overall inflation rate. The inflation rate has hit a snag in recent months, leading the Federal Reserve to weigh interest rate cuts. The Fed risks a rebound of inflation if it cuts interest rates too quickly. The U.S. job gains exceeded expectations in February, but consumer spending fell sharply in January. The housing market has slowed due to soaring mortgage rates. The average interest rate for a 30-year fixed mortgage has soared to 6.88%. Economic performance has not shaken the Fed's pursuit of lowering inflation down to its goal of 2%.
#Inflation #ConsumerPrices #FederalReserve #InterestRates #Economy
https://ruralradio.com/abc_news/inflation-ticked-up-in-february-reversing-some-prior-progress-abcid786a3755/
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Consumer prices rose 3.2% in February compared to a year ago, slightly higher than expected. Inflation still stands more than a percentage point higher than the Federal Reserve's target rate of 2%. Core inflation increased 3.8% over the year ending in February. Food prices rose 2.2% since the previous year, while energy prices fell. Housing prices rose 5.7% over that period. The prices for many grocery store staples have moderated, but some routine grocery goods have continued to rise faster than the overall inflation rate. The inflation rate has hit a snag in recent months, leading the Federal Reserve to weigh interest rate cuts. The Fed risks a rebound of inflation if it cuts interest rates too quickly. The U.S. job gains exceeded expectations in February, but consumer spending fell sharply in January. The housing market has slowed due to soaring mortgage rates. The average interest rate for a 30-year fixed mortgage has soared to 6.88%. Economic performance has not shaken the Fed's pursuit of lowering inflation down to its goal of 2%.
#Inflation #ConsumerPrices #FederalReserve #InterestRates #Economy
https://ruralradio.com/abc_news/inflation-ticked-up-in-february-reversing-some-prior-progress-abcid786a3755/