A customer holds a fuel nozzle at a Shell gas station in Hercules, California, U.S., on Wednesday, June 22, 2022. President Joe Biden called on Congress to suspend the federal gasoline tax, a largely symbolic move by an embattled president running out of options to ease pump prices weighing on his party's political prospects.
U.S. consumer prices increased solidly in February amid higher costs for gasoline and shelter, suggesting some stickiness in inflation that could delay an anticipated June interest rate cut from the Federal Reserve.Thomson ReutersA customer holds a fuel nozzle at a Shell gas station in Hercules, Calif., on June 22, 2022. U.S.
In the 12 months through February, the CPI increased 3.2 per cent, after advancing 3.1 per cent in January. Inflation picked up in January, largely blamed on beginning-of-year price raises by service providers, which economists said were not fully addressed by the model used by the government to strip out seasonal fluctuations from the data.
"There is a high likelihood that OER inflation will exceed rent inflation more often moving forward," said Stephen Juneau, an economist at Bank of America Securities in New York.
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