Consumer Prices , Rose 0.4% in February.
The Bureau of Labor Statistics released
its latest data on March 12.
In February 2024, prices rose 0.4%
compared to January and 3.2% year-over-year, according to the Consumer Price Index (CPI).
The figures, which are greater than expected, represent the biggest monthly increase since September, Yahoo Finance reports. .
The index for housing rent rose 0.5% in February.
Gas prices rose 3.8%.
While food prices held steady for the month, they increased 2.2% year-over-year.
The Federal Reserve will use the latest data to help determine its position on interest rates on March 20. .
Experts predict that rates will
remain unchanged for the time being.
The market is now eyeing June for the possibility of rate cuts, Yahoo Finance reports. .
Fed Chair Jerome Powell recently said
that while interest rates will likely
be cut "at some point this year,"
"a little bit more data" is needed.