Inflation drops to 6%, but housing costs remain high—and the Fed is still watching 'supercore' inflation
Publishing timestamp: 2023-03-14 09:47:25
Summary
The latest inflation numbers are in line with expectations, with "supercore" inflation increasing slightly. Supercore inflation is a new buzzword used by economists to describe the price of services for things like visiting the dentist or getting a haircut, but it excludes housing, food, and energy costs. The increase in inflation was driven mostly by shelter costs, which were up 0.8%. The Federal Reserve is closely monitoring so-called supercore inflation, which persists as a measure rose slightly last month. While the decline in inflation is encouraging news, it's not likely to discourage an interest rate hike at the next Federal Open Market Committee meeting.
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Keywords: jerome powell, signature bank,
Source: https://www.cnbc.com/2023/03/14/inflation-drops-to-6-percent-in-february-2023.html