The U.S. inflation report was published amid financial market turmoil triggered by the collapse of Silicon Valley Bank in California and Signature Bank in New York
U.S. consumer prices increased in February amid sticky rental housing costs, but economists are divided on whether rising inflation will be enough to push the Federal Reserve to hike interest rates again next week after the failure of two regional banks.
The Consumer Price Index rose 0.4 per cent last month after accelerating 0.5 per cent in January, the Labor Department said on Tuesday. That lowered the year-on-year increase in the CPI to 6.0 per cent in February, the smallest annual gain since September 2021. The CPI rose 6.4 per cent in the 12 months through January.Excluding the volatile food and energy components, the CPI increased 0.5 per cent after rising 0.4 per cent in January.
Economists polled by Reuters had forecast both the CPI and core CPI climbing 0.4 per cent on a monthly basis. Monthly inflation is rising at double the rate that economists say is needed to bring inflation back to the Fed’s 2 per cent target.
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