The U.S. Commerce Department has revealed that consumer prices in February rose by a slightly smaller margin than predicted. The report showed a 0.3% increase, compared to a recently revised 0.4% increase in January. This falls short of economists’ expectations that consumer prices would rise by 0.4%.Simultaneously, February saw a slight uptick in the annual rate of consumer price growth, moving from 2.4% in January to 2.5%. This aligns with estimates made earlier.When food and energy prices are excluded, the core consumer prices in February also rose by 0.3%, after January’s recently revised 0.5% increase. Again, this met economists’ expectations. However, the year-on-year rate of core consumer price growth reduced marginally, coming in at 2.8% in February, down from a re-envisioned 2.9% in January. This is contrary to projections that the core price growth rate would remain steady at 2.8%.The inflation metrics, which the Federal Reserve reportedly favors, were part of the Commerce Department’s larger report on personal income and spending in February.The material has been provided by InstaForex Company – www.instaforex.com
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