REPORT: Core consumer inflation accelerates, pushed up by rising housing costs

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Laurie McClain
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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by Breitbart:

Consumer prices increased in February at a slightly cooler rate than in January, data from the U.S. government showed Tuesday.

The Labor Department’s consumer-price index rose 0.4 percent in February, in line with expectations and down from the 0.5 percent gain seen in January. Compared with a year ago, consumer prices are up six percent, lower than the 12-month gain of 6.4 percent recorded in January.

Core consumer prices, which exclude the volatile categories of energy and food, rose by a sharper 0.5 percent. This is faster than the 0.4 percent expected and faster than the January pace of 0.4 percent. Compared with a year ago, core prices are up 5.5 percent, a tick down from the 5.6 percent 12-month increase in January.

Robert Frick, a corporate economist with Navy Federal Credit Union, said, “February CPI data was a mixed bag, but the rise in core inflation shows we’re stuck on a plateau for now. Inflation should start moving strongly lower this spring and summer, especially as lower rent costs work themselves into the numbers.”

Jamie Cox, a managing partner for Harris Financial Group, commented, “The Federal Reserve is going to have to pick its poison – tolerate some inflation for a bit to see if its current series of rate hikes takes hold and pause, or keep hiking and deal with the financial instability caused by their own policy decisions.”

zerohedge tweeted Tuesday, “Real hourly earnings -1.3%, down for a record 23rd consecutive month. This means that just two months of Biden’s presidency have seen inflation-adjusted wage growth, and real earnings have been negative during 92% of Biden’s tenure, an unprecedented achievement.”

“It’s (mostly) all shelter inflation at this point. – Feb Rent Inflation 8.76% YoY, up from 8.56% In Jan – Feb Shelter Inflation 8.10% YoY, up from 7.88% in Jan.”

CEO Alex Bruesewitz wrote, “February inflation data just came out: CPI: +6% y/y Electricity: +12.9% Natural Gas: +14.3% Groceries: +10.2% Chicken +8.8% Milk: +8.1% Eggs: +55.4% Bread: +15.8% Baby Food: +9.8% Airline Fares: +26.5% Bring back Trump!”

Author Alex Berenson said, “Core inflation comes in higher than expected at 0.5 percent and rises for the third straight month. How exactly can @federalreserve even consider slowing rate hikes?”

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