President Joseph Biden Friday positive inflation report, which showed prices cooling in February, validates his economic stewardship and should cause House Republicans to reconsider their agenda. Consumer prices increased 0.3% from January to February, down from a 0.6% increase from December to January, according to the Commerce Department’s data released on Friday. Prices increased by 5% when compared year over year, which was less than the 5.3% annual increase in January. The S&P 500 rose about 0.3% higher on the news.
The personal consumption expenditure price index excluding food and energy increased 0.3% for the month, the Commerce Department reported.
The Commerce Department reported a 0.3% increase in the personal consumption expenditure price index for the month, excluding food and energy. The amount was lower than the 0.5% January gain and the 0.4% Dow Jones projection.
Inflation has decreased in some places, but it hasn’t stopped being damaging in others. Particularly, housing costs have increased rapidly. Notwithstanding, Fed officials are considering that rise and anticipate a slowdown in rent growth during the year.
But, given that inflation is currently much above the Fed’s comfort level, delaying another rate hike until May 3 might necessitate an unexpected increase in unemployment claims or additional indications of bank instability.
Economic hardship is still waring hard on consumers wallets in Europe. Due to rising food prices, UK inflation increased to 10.4%. According to official statistics released on Wednesday, consumer prices in the UK grew by 10.4% in February compared to a year earlier as food inflation reached its highest level in more than 45 years and the cost of dining out and staying in hotels increased. The Bank of England meeting on Thursday may raise interest rates once more as a result of the most recent data.
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Watch President Joe Biden signs into law the Bipartisan Safer Communities Act gun safety bill
