February’s Consumer Price Index Shows Inflation Slowing, Banking Crisis Could Hinder Progress
Consumer inflation continued its downward trend in February, albeit at a slow pace, as the Consumer Price Index (CPI) decreased to 6%, the Bureau of Labor Statistics (BLS) reported on Tuesday, March 14. The still-hot inflation was largely driven by the index for shelter which accounted for 70% of the overall increase.
Despite this being the eighth month of decreases, inflation levels are still a far cry from the Federal Reserve’s target of 2% inflation. However, many experts believe that this will provide the Federal Reserve with some flexibility.
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