🚨 BREAKING 🚨 US annual CPI data declines to 5% in March vs. 5.2% expected
The US Bureau of Labor Statistics reported on Wednesday that inflation in the United States, as measured by the Consumer Price Index , declined to 5% on a yearly basis in March from 6% in February. This reading came in below the market expectation of 5.2%.
The annual Core CPI, which excludes volatile food and energy prices, edged higher to 5.6% as expected with a monthly increase of 0.4%. The US Dollar came under heavy selling pressure with the initial reaction to soft inflation report. As of writing, the US Dollar Index was down 0.55% on a daily basis at 101.60.Core CPI is forecast to edge higher to 5.6% YoY in March from February’s 5.5%.
Meanwhile, the headline CPI data is seen rising 0.3% MoM in February, compared with a 0.4% increase reported in February. Similarly, the Core CPI is projected to increase by 0.4% in the same period, down slightly from 0.5% previously. The US CPI data will hold the utmost relevance, as the Federal Reserve tries to figure out whether another rate hike will be needed to bring inflation back down to the 2% target. Renewed concerns over the negative impact of rising interest rates on financial stability following the collapse of Silicon Valley Bank forced the Fed to adopt a cautious stance at its last policy meeting on March 22. The Fed hiked its policy rate by 25 basis points to the range of 4.
While speaking at the post-meeting press conference in March, Federal Reserve Chief Jerome Powell said that the story on disinflation was intact. Although Powell also reiterated that they are not yet seeing progress on core services inflation ex-housing, he acknowledged that they need to be alert when thinking about further rate hikes given the potential impact of credit tightening on the economy.rose by 236,000 in March, slightly below the market expectation of 240,000.
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