Surprise: Inflation's Going Back Up

Consumer prices rose 3.2% in February compared to a year ago, increasing slightly from the previous month and offering the latest sign that progress toward lowering inflation has struck a rough patch, a report from the Bureau of Labor Statistics released on Tuesday showed. The fresh data came in higher than economists expected. ...

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Core inflation -- a closely watched measure that strips out volatile food and energy prices -- increased 3.8% over the year ending in February, which marked a slight cooldown from the previous month.

Ed Morrissey

No one's really surprised except the economists. The good news from last month is that annualized wage growth outstripped annualized inflation, coming in at 4.1%, but that's also inflationary in the long run. It's too early to talk about a wage-price spiral -- there was more risk of that in 2022 than now -- but it's not a non-zero risk either. 

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