US inflation rate picks up speed


first_imgThursday 17 March 2011 9:28 am John Dunne US inflation rate picks up speed US consumer prices rose at their fastest pace in more than one and a half years in February, driven by higher food and energy prices.The Labour Department said its Consumer Price Index rose 0.5 per cent, the largest gain since June 2009, after increasing 0.4 percent in January. Core CPI – excluding food and energy – rose 0.2 per cent after advancing by the same amount in January.Though the increase in core CPI was a touch above economists’ expectations for a 0.1 per cent gain, it suggested that surging costs for energy and other commodities, which have been hitting producers and consumers alike, had yet to generate the type of broad inflation that would spur the Federal Reserve to respond.The Fed said on Tuesday it expected the upward price pressure from commodities to be temporary but it would closely monitor inflation and inflation expectations.“I don’t think it means anything for the Fed. They’re going to probably wind up saying some of this is transitory. It won’t be sustained,” said Tom Porcelli, U.S. economist at RBC Capital Markets in New York. Share whatsapp whatsapp Show Comments ▼ Tags: NULL More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orglast_img

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