According to The Wall Street Journal, inflation for February came in hotter than expected; consumer prices rose 3.2% while core prices were up 3.8% from last February.
From WSJ:
The second straight month of firmer-than-expected inflation is likely to reinforce the central bank’s wait-and-see posture toward rate reductions when officials meet next week. Still, officials are focused on when to cut rates rather than whether to raise them again. Inflation has declined notably from 40-year highs following the most rapid interval of rate increases in four decades.
Stocks ticked slightly higher in morning trading.
Core prices, which exclude food and energy items in an effort to better track inflation’s underlying trend, rose 0.4% from January—more than the 0.3% economists expected. Core prices were up 3.8% from a year earlier, and while that marked the smallest increase since 2021, the report dashed hopes that stronger-than-expected inflation in January was a mere blip.
The report showed prices for energy goods rose 3.6% from a month earlier, a reflection of the rise in gasoline prices last month. Prices for food were unchanged. Prices for other goods rose 0.1%, and were down 0.3% from a year earlier.
Recent primary exit polling shows Americans’ number one concern is President Biden’s floundering economy, followed closely by the crisis at the southern border.
UNDER BIDEN:
— Electricity is up 28.4%
— Food prices are up 21.2%
— Rent is up 20% https://t.co/axvCUDcOcU— RNC Research (@RNCResearch) March 12, 2024
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