(AURN News) – Data released Tuesday by the Bureau of Labor Statistics reveals that inflation continues its upward trajectory, maintaining a persistent grip on the nation’s financial landscape.
Since October 2023, the consumer price index (CPI) has seen an alarming climb. In that month, the index grew by 0.1%, only to accelerate month by month having now grown by 0.4% in the latest available data from February. Over the past year, the CPI has surged by 3.2%, according to government figures.
Several key sectors felt the pinch of this inflationary surge in February, with shelter costs, airline fares, motor vehicle insurance, apparel, and recreation all marked as experiencing noticeable increases. The overall price of food remained unchanged for the month of February. However, this stability in food prices comes against the backdrop of persistently high overall food prices, which many Americans continue to feel.
The question now is how will the Federal Reserve respond in light of this new data and their target of bringing inflation down to 2%.
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