Inflation steady in February, but Iran war threatens higher prices
Newsy
Inflation stayed stubbornly elevated last month as gas prices rose in a snapshot of what consumer prices looked like before the Iran war sent energy costs soaring.
Inflation stayed stubbornly elevated last month as gas prices rose in a snapshot of what consumer prices looked like before the U.S.-Israeli attack on Iran sent energy costs soaring.
Consumer prices rose 2.4% in February compared with a year earlier, the Labor Department said Wednesday, matching January’s 2.4% increase. Excluding the volatile food and energy categories, core prices climbed 2.5% from a year ago, also matching January’s level, which was the lowest in five years. Both figures are above the Federal Reserve's 2% target.
Wednesday’s data has been overtaken by the conflict that began when the U.S. and Israel attacked Iran on Feb. 28, which has caused wild gyrations in oil prices as shipping lanes through the Persian Gulf have suffered a rare shutdown. Gas prices have already jumped and are expected to push inflation much higher when inflation data for this month is released in early April.
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