Inflation increased to a pace of 3.2% in the US in February, a higher-than-expected jump that reinforced the likelihood of the Federal Reserve taking a cautious approach to interest rate cuts in the coming months.
Figures released by the Bureau of Labor Statistics on Tuesday (March 12) showed growth in the Consumer Price Index (CPI) was spurred by spiking shelter and gasoline costs, with those two indexes accounting for over 60% of the overall monthly increase.
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