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US Inflation ticked higher last month, reversing some recent progress

By Elisabeth Buchwald, CNN

 1 minute read

Updated 8:50 AM EDT, Fri March 29, 2024

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A customer pumps gas at a gas station in Hercules, California, US, on Thursday, March 14, 2024. 

David Paul Morris/Bloomberg/Getty Images

New YorkCNN — 

The latest US inflation report was a mixed bag for the Federal Reserve.

The central bank’s preferred inflation gauge, the Personal Consumption Expenditures price index, was up 2.5% for the 12 months that ended in February, a faster pace than January’s 2.4% rise in prices.

The Commerce Department data released Friday means the Fed is even further from achieving its goal of 2% inflation.

Central bankers will likely take some solace in the core PCE index that excludes energy and food. That index slowed slightly to 2.8% from the 2.9% annual rate seen in January. And, on a monthly basis, it slowed to 0.3% from 0.5% in January.

Another bright spot was the 0.3% overall monthly pace of price increases, a slight drop from 0.4% in January.

This story is developing and will be updated