Inflation rose to 1.6% in February in producer price index, much hotter than expected
By
Zachary Halaschak
March 14, 2024 8:33 am
Inflation, as measured by the producer price index, rose to 1.6% for the year ending in February, the Bureau of Labor Statistics reported Thursday, much hotter than expected.
The increase came after a slight decrease the month before. Most economists had forecast the inflation rate would rise to 1.1%, so the latest numbers are not good news for the Federal Reserve.
On a month-to-month basis, the price index increased by 0.6%, double what was expected.
The new inflation numbers come the same week the more closely watched consumer price index report for February was released. As measured in the CPI, inflation unexpectedly rose to 3.2% for the year ending in February, the Bureau of Labor Statistics reported Tuesday, an unwelcome development given hopes that the central bank would soon begin trimming interest rates.
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https://www.washingtonexaminer.com/policy/finance-and-economy/2919514/inflation-rose-to-1-6-in-february-in-producer-price-index-much-hotter-than-expected/
