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I confirm my intention to proceed and enter this websiteIn February 2024, the Consumer Price Index in the United States went up by 0.4% on a month-to-month basis, forming a five-month peak. A raise showcased a subtle acceleration from January’s 0.3% and matched initial predictions. Over 60% of the increase was laid at the door of shelter costs that rose by 0.4% and gasoline prices that inflated by 3.8%. Food prices, on the other hand, stayed consistent. By taking food and energy out of the equation, core consumer prices swelled up by 0.4%, identical to January’s statistics but went beyond the forecast of 0.3%. The surge was influenced by an incline in the costs associated with airline fares (3.6%), motor vehicle insurance (0.9%), clothing (0.6%), and recreation.
(U.S. CPI MoM,Bureau of Labor Statistics)
Surprisingly, February 2024 saw the annual inflation rate of the United States rise to 3.2%, slightly overstepping January’s 3.1% and forecast estimates of 3.1%. In addition, the annual core consumer price inflation rate dropped to a nearly three-year low at 3.8%. This decrease is only slightly down from January’s 3.9%, yet it still surpasses the market predictions of 3.7%. The index for shelter, which accounts for approximately 67% of the annual rise, experienced a growth of 5.7% in February, albeit at a slower pace compared to the 6% increase witnessed in the preceding month.
(U.S. Core CPI YoY,Bureau of Labor Statistics)
On Tuesday, following the CPI report, the dollar index rebounded, climbing over 103.4 after previously plummeting to a low of 102.78. Recouping early setbacks, the yield on the 10-year U.S. Treasury note ascended to regain the 4.15% mark.
(Dollar Index Weekly Chart)
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