Price Pressure Hits US As Inflation Unexpectedly Rises To 3.2%
Inflation figures surged across the United States in February against popular predictions made by economists.
US consumer price index rose by 3.2 per cent in February, representing a slight rise from 3.1 per cent recorded in January, the U.S. Bureau of Labor Statistics said on Tuesday.
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The figure defied expert predictions that inflation will remain at 3.1 per cent.
The US Federal Reserve has an ambitious plan to reduce inflation down to two per cent.
Against all odds, the index rose by 0.4 per cent in February.
The Bureau said the index for shelter rose in February as well as the did the index for fuel.
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“Combined, these two indexes contributed over sixty percent of the monthly increase in the index for all items,” the report said.
The energy index also rose 2.3 per cent over the month.
