United States inflation rate inches up to 2.2% in February

United States inflation rate inches up to 2.2% in February

United States inflation rate inches up to 2.2% in February

In a separate report, the Labor Department said a key measure of underlying producer price pressures that excludes food, energy and trade services rose 0.4 percent last month, matching January's gain. Our forecast for February is 14.71%, which implies a 2.80pts increase in the Consumer Price Index to 251.2pts.

The energy price index inched up by 0.1% in February after jumping by 3.0% in January, while food prices were unchanged. The year-on-year increase in the so-called core CPI was unchanged at 1.8 percent in February. Forecasts ranged from 4.4 percent to 5.6 percent. The Fed tracks a different index, the personal consumption expenditures price index excluding food and energy, which has consistently undershot the central bank's 2 percent target since mid-2012. The retracement in February average hourly earnings, per the latest payrolls report, serves as a reminder that wage pressures remain tame. Prices for wholesale services rose 2.8 percent over the past year, the biggest annual gain in records that date back to 2010.

World shares inched higher on Tuesday, eking out limited gains as investors kept a wary eye on a US inflation reading later in the day that could offer clues on the pace of Federal Reserve interest rate hikes this year.

Fed funds futures however, show markets pricing in a total of three rate hikes this year. Most recently, we predicted that increases in rental market supply and vacancies would temper growth in rental prices.

Consumer spending, however, remains underpinned by the jobs market, which is viewed by Fed officials as being near or a little beyond full employment.

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Retail inflation eased for the second straight month in February to 4.4 per cent, while the factory output growth for January was at a two-month high of 7.5 per cent, according to a data released by the Central Statistics Office on Monday.

Investing.com was looking for a 0.2% increase MoM in seasonally adjusted Headline CPI and 0.2% in Core CPI. Owners' equivalent rent of primary residence, which is what a homeowner would pay to rent or receive from renting a home, increased 0.2 percent last month after advancing 0.3 percent in January.

Auto sales fell 0.9 percent in February after a similar drop in January. Hospital services, another component watched by analysts, fell 0.5%.

The pan-European STOXX 600 was last down 0.2 percent.

The uptick in consumer prices partly reflected higher prices for for shelter, apparel, and motor vehicle insurance.

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