12 March 2024
The latest inflation data reveals a mixed bag for American consumers, who have been grappling with rising costs for nearly two years. According to the Labor Department’s February update, the Consumer Price Index (CPI)—which tracks the prices of a wide array of everyday items such as groceries, gasoline, and rent—rose by 0.4% from January and was 3.2% higher than the same time last year. Although this marks a slight deceleration from December’s 3.4% inflation rate, it still exceeds the Federal Reserve’s ideal target of 2%.