March 13, 2023 (MLN): The U.S. consumer price index (CPI) for February 2024 rose by 3.2% YoY, as compared to the 3.1% YoY in January, and slightly higher than the market expectations of 3.1%, the latest data issued by the U.S. Bureau of Labor Statistics on Tuesday showed.
On a sequential basis, US CPI rose by 0.4% MoM, the most in five months, as compared to 0.3% MoM in the previous month, but in line with market expectations.
Core CPI eased to a near three-year low of 3.8% YoY, as compared to 3.9% MoM in the previous month, but above market expectations of 3.7%.
On a sequential basis, Core CPI rose 0.4% MoM the same as the previous month, and hotter than the market expectations of 0.3%.
Metric
Actual
Estimate
CPI MoM
+0.4%
+0.4%
CPI YoY
+3.2%
+3.1%
Core CPI MoM
+0.4%
+0.3%
Core CPI YoY
+3.8%
+3.7%
CME FedWatch Tool shows a 66.27% chance of interest rate cate by the US Federal Reserve in June 2024.
To note, CPI in the last year, February 2023 stood at 6% YoY, showing that the Federal Reserve with its fast-paced rate hikes and balance sheet reductions has been successful in curbing inflation to some extent.
However, it still remains above the country's 2% inflation goal.
CPI is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
