The so-called “core” consumer price index, a closely watched measure of inflation which removes volatile food and energy costs, slipped from an annual rate of 3.9% in January to 3.8% last month.
The strength of this reading is likely to test confidence that the Fed, which aggressively increased interest rates in a bid to reduce inflation, could soon begin cutting them.
Shelter costs like rent, airline fares, motor vehicle insurance and the price of clothes all rose last month, according to Tuesday’s report from the labor department, driving the headline inflation indices higher.
While the president claimed during his State of the Union address last week that the US economy was “literally the envy of the world”, many Americans are still feeling the pinch.
Inflation has fallen significantly since peaking at 9.1% – its highest level in a generation – almost two years ago, but household budgets remain under pressure.
Donald Trump, who is fighting to regain the presidency in November, has claimed inflation is “killing America” under Biden.
The original article contains 331 words, the summary contains 169 words. Saved 49%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The so-called “core” consumer price index, a closely watched measure of inflation which removes volatile food and energy costs, slipped from an annual rate of 3.9% in January to 3.8% last month.
The strength of this reading is likely to test confidence that the Fed, which aggressively increased interest rates in a bid to reduce inflation, could soon begin cutting them.
Shelter costs like rent, airline fares, motor vehicle insurance and the price of clothes all rose last month, according to Tuesday’s report from the labor department, driving the headline inflation indices higher.
While the president claimed during his State of the Union address last week that the US economy was “literally the envy of the world”, many Americans are still feeling the pinch.
Inflation has fallen significantly since peaking at 9.1% – its highest level in a generation – almost two years ago, but household budgets remain under pressure.
Donald Trump, who is fighting to regain the presidency in November, has claimed inflation is “killing America” under Biden.
The original article contains 331 words, the summary contains 169 words. Saved 49%. I’m a bot and I’m open source!