Americans plagued by surging prices over the past 20 months continue to face strain as the cost of meeting everyday necessities remains stubbornly high.
The Labor Department said Tuesday that the Consumer Price Index (CPI), a broad measure of the price of everyday goods, including groceries, gasoline, and rent, rose 0.4% in February from the previous month. Consumer prices were 3.2% higher than a year earlier.
While that measure is under the 3.4% inflation reading in December, it remains above the Federal Reserve’s 2% target.
Declining prices for many goods are helping slow inflation, but basics such as housing, food, gasoline, and energy continued to come in hotter than expected.
Overall, consumer inflation is 19.98% higher than in February 2020. Here’s what the latest inflation numbers from the Bureau of Labor Statistics mean for you:
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