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American households were hit with a second month of rapidly rising prices in February, undermining the Biden administration’s claims that its policies were reducing inflation and dampening hopes for a Fed rate cut in the next few months.
The Federal Reserve has said that it is looking for data to give it more confidence that inflation is coming down to two percent. The rise of inflation in February casts doubt on the idea that the pace of price increases will continue to decline. The data make it more likely that Fed officials will hold off on cutting rates until this summer and possibly longer.
Core goods prices had been declining last year, holding down overall inflation. The index of goods excluding food and energy fell on a month-to-month basis from June through January. In February, however, core goods prices rose 0.1 percent. That was not forecast by most analysts. Compared with a year ago, goods prices are down 0.3 percent.
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