Key Points
US inflation increased moderately in February 2024 and the cost of services outside housing slowed considerably, keeping a June interest rate cut from the US Federal Reserve on the table..
The personal consumption expenditures (PCE) price index rose 0.3 per cent--lower than Street estimates, showed data released by the Commerce Department's Bureau of Economic Analysis on Friday..
This followed a 0.5 per cent reading in January, marking the biggest back-to-back gain in a year..
In the 12 months through February, PCE inflation --which strips out the volatile food and energy components, advanced 2.5 per cent after increasing 2.4 per cent in January..
Core inflation increased 2.8 per cent year-on-year in February, the smallest gain since March 2021, after rising 2.9 per cent in January..
