The US consumer price index (CPI) rose to 3.2% in February year-on-yearwhile compared to the previous month it increased 0.4%, above what analysts expected and well above the 2% objective set by the Federal Reserve.
Most of the increase, 60%, was attributed to the increase in housing and gasoline prices, and the energy price index grew 2.3% compared to January, while food prices remained stable. almost unchanged, as reported by the Bureau of Labor Statistics (BLS).
The underlying price index, excluding food and gasoline, increased 0.4% in February compared to Januaryat the same rate as the previous month.
Other items that registered increases in February were plane ticketsvehicle insurance, clothing and entertainment, while the declines were in personal care goods and furniture.
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Core year-on-year inflation, which does not include food or energy prices due to their volatility, stood at 3.8%, while energy prices decreased by 1.9% year-on-year and food prices registered an increase of 2.2%.
The inflation data was received with caution by the markets at its opening, but mid-session, the S&P 500 index and the technological Nasdaq index recovered positive numbers.
What is clear is that inflation data like those from January and February will not allow the Fed to lower rates quickly,” said Robert Frick, analyst at Navy Federal Credit Union, in a statement.
In the opinion of Ben Laidler, global market strategist at the eToro investment and trading platform, the markets had already incorporated the inflation data into their calculations and now the question is to see if next week when the Fed meets the inflation data will be maintained. hopes that the first rate cut will come in June.
Inflation tipping points have already risen, and investors are anticipating the rotation that will occur as we get closer to rate cuts,” Laidler said.
The interannual increase is one tenth higher than the 3.1% increase in the CPI in Januaryand shows an insistent increase in prices above the objectives of the Fed, which hopes to be able to lower rates throughout this year, but which continues to find its great pending task in inflation to be able to do so.
Interest rates have remained in a range between 5.25 and 5.5% since last summerafter the dozen increases that began in March 2022.
Unemployment and consumer confidence remain solid, but raising prices remains a pending task, although the US issuing bank hopes to be able to begin a moderate rate cut, expected in June, while the markets already rule out a drop in interest rates. May.
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EFE International news agency based in Madrid and present in more than 110 countries.