Mubasher: US inflation increased in February but at a slower pace than the previous month, matching analysts’ expectations.
The Consumer Price Index (CPI) grew by 0.2% last month, in line with economists’ forecasts, compared with a 0.5% rise in January, seasonally-adjusted data by the US Bureau of Labour Statistics showed on Tuesday.
However, inflation rose 2.2% over the 12 months ended February, up from 2.1% in the 12 months ended January.
Meanwhile, core prices, which exclude the volatile components of food and energy, accelerated by a monthly rate of 0.2% in February, down from a 0.3% growth in the first month of 2018, while annual growth rate remained at 1.8%.
These data comes ahead of the Federal Reserve Bank’s monetary policy meeting due later in the month, in which policymakers could change their interest rate policy stance.
By 12:56 pm GMT, the EUR/USD pair rose 0.29% to $1.2370.