Annual inflation proved to be hotter than expected last month, staying stubbornly above 3%. It continues to move in the wrong direction in recent months. Pushing it lower is proving to be hard.
A customer shops at a grocery store in Chicago on Feb. 13, 2024. Annual inflation has eased significantly since two years ago but it has remained stubbornly above 3% this year.A customer shops at a grocery store in Chicago on Feb. 13, 2024. Annual inflation has eased significantly since two years ago but it has remained stubbornly above 3% this year.
That matters. That's because a rise of consumer prices above 3%, as it has been through this year, still feels high for many people across the country. It's hard to say when that will happen. Though there are promising signs, they are not conclusive yet.Fed Chair Jerome Powell this month acknowledged that inflation appeared to be on a"sometimes bumpy path," and was resolute in holding firm on interest rates for now.
Rising rents were a big contributor to inflation last month. Car insurance costs also contributed to higher inflation.
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