JUST IN: Inflation Rises by 0.4% in February and 6.0% Over the Past Year as Prices Remain High – Real Wages Drop for 32nd Straight Month

March 14, 2023 in News by RBN Staff

source:  gatewaypundit


US CPI rose by 0.4% to a 6.0% annual rate in February.

This is the lowest year-over-year increase since September 2021.

The annual inflation rate is at 6.0% down from 9.1% in July 2022 but still higher than any time since the 1980s.

Inflation was at 1.4% under President Trump when Joe Biden took office.

Real wages dropped for the 32nd straight month.

Zero Hedge reported: The index for shelter was the largest contributor to the monthly all items increase, accounting for over 70 percent of the increase, with the indexes for food, recreation, and household furnishings and operations also contributing. The food index increased 0.4 percent over the month with the food at home index rising 0.3 percent. The energy index decreased 0.6 percent over the month as the natural gas and fuel oil indexes both declined.

Housing costs are soaring.

The costs of putting a roof over your head remains a critical factor for The Fed to deal with:

Feb Rent Inflation 8.76% YoY, up from 8.56% In Jan; highest on record

Feb Shelter Inflation 8.10% YoY, up from 7.88% in Jan; highest on record