US CPI Rises 6% Slowest Since Sept 2021

As per the latest data released on Tuesday, inflation is still running high and above the Federal Reserve's target of 2% despite a slight decrease in February. The Consumer Price Index (CPI) revealed that inflation rose by 0.4% in February and 6% over the previous year, which is slower than the 0.5% month-over-month increase and 6.4% annual gain seen in January. These results were as per the expectations of economists. The 6% inflation rise in February shows the slowest annual increase in consumer prices since September 2021.

The "Core" inflation, which does not include the more volatile costs of food and energy, saw a 0.5% increase in February compared to the previous month and a 5.5% increase over the past year, which is the smallest 12-month increase since December 2021. The estimated predictions made by economists were that the "core" inflation would rise by 0.4% on a month-over-month basis and show a 5.5% increase compared to February 2022.