The inflation rate continues to subside some, but the cost of food and shelter remains stubbornly high.
The U.S. inflation rate continues to show signs of cooling, dropping from 6.3% in January to 6% in February, according to the consumer price index released by the Bureau of Labor Statistics on Tuesday. The inflation rate peaked in June 2022 at 9.1%.
Food costs increased 9.5% in the 12-month period ending in February, which is down from 10.1% one month earlier. The price of shelter in the U.S. is up 8.1% in the last year, according to the government’s data.SEE MORE: Unemployment rate increases as Fed continues to fight inflation The new data also indicates wages have failed to keep up with inflation as hourly wages have increased 4.6% in the last year, according to the Bureau of Labor Statistics. The gap between inflation and wages has closed some in recent months.
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