Consumer Prices , Rose 0.4% in February.
The Bureau of Labor Statistics released its latest data on March 12.
In February 2024, prices rose 0.4% compared to January and 3.2% year-over-year, according to the Consumer Price Index (CPI).
The figures, which are greater than expected, represent the biggest monthly increase since September, Yahoo Finance reports.
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The index for housing rent rose 0.5% in February.
Gas prices rose 3.8%.
While food prices held steady for the month, they increased 2.2% year-over-year.
The Federal Reserve will use the latest data to help determine its position on interest rates on March 20.
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Experts predict that rates will remain unchanged for the time being.
The market is now eyeing June for the possibility of rate cuts, Yahoo Finance reports.
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Fed Chair Jerome Powell recently said that while interest rates will likely be cut "at some point this year," "a little bit more data" is needed.
