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The US consumer price index (CPI) unexpectedly rose in February 2024, a development that could give policymakers pause as they consider when to start cutting interest rates, according to US government data released recently.
The US Department of Labor said the CPI in February 2024 increased 0.4% compared to the previous month and increased 3.2% compared to the same period last year. These indexes were both higher than analysts' forecasts and higher than January. Meanwhile, core inflation (excluding food and energy prices) increased 0.4% compared to the previous month and increased 3.8% compared to the same period last year.
Analysts expect the US Federal Reserve (Fed) to pay attention to core inflation when deciding the best time to start cutting interest rates.
To curb rising commodity prices and bring inflation back to its 2% target, the Fed has been raising interest rates consistently since 2022, before keeping them at their highest level in more than two decades at recent meetings. Since March 2022, the Fed has raised interest rates by 5.25 percentage points to 5.25-5.5% and kept them there since July 2023.
The Fed has signaled that it could start cutting interest rates this year if it continues to make progress in reducing inflation.
