U.S. consumer selling prices rose at the quickest pace in six months in February, reflecting the rebound in the economic system amid declining COVID-19 infections and the accelerating rollout of vaccines.
The Labor Department reported Wednesday that the consumer value index increased .four% previous thirty day period right after mounting .3% in January. In the 12 months via February, the CPI surged one.7%, the biggest maximize considering that February 2020.
Gasoline selling prices accounted for extra than 50 percent of the rise in inflation, leaping 6.four%.
Economists are anticipating the rise in selling prices to carry on into the summer months, pushing inflation previous the Federal Reserve’s 2% focus on. But Fed officials do not feel the economic system is in risk of overheating.
“Base effects and just one-time value raises stemming from the reopening of the economic system and some move-via of higher selling prices from supply chain bottlenecks