That was down from 3.7% a month earlier.
Housing costs continued to climb, but overall price pressures were milder than analysts had expected, suggesting the country’s fight against inflation may nearly be over.
Housing costs continued to climb, but overall price pressures were milder than analysts had expected, suggesting the country’s fight against inflation may nearly be over.
Stocks surged following the report, as investors bet the US central bank will not have to do more to cool the economy to slow inflation.
The Federal Reserve has already raised interest rates sharply since last year, aiming to stabilise prices that were soaring at the fastest pace in decades.
Analysts said the relatively mild price increases make the US central bank less likely to raise borrowing costs again.
“The continued moderation of inflation will help keep the Federal Reserve on the sidelines,” said Greg McBride, chief financial analyst at Bankrate.com.
Housing costs continued to climb, but overall price pressures were milder than analysts had expected, suggesting the country’s fight against inflation may nearly be over.
That was down from 3.7% a month earlier.
Stocks surged following the report, as investors bet the US central bank will not have to do more to cool the economy to slow inflation.
Housing costs continued to climb, but overall price pressures were milder than analysts had expected, suggesting the country’s fight against inflation may nearly be over.
Housing costs continued to climb, but overall price pressures were milder than analysts had expected, suggesting the country’s fight against inflation may nearly be over.
Stocks surged following the report, as investors bet the US central bank will not have to do more to cool the economy to slow inflation.
The Federal Reserve has already raised interest rates sharply since last year, aiming to stabilise prices that were soaring at the fastest pace in decades.
Analysts said the relatively mild price increases make the US central bank less likely to raise borrowing costs again.
“The continued moderation of inflation will help keep the Federal Reserve on the sidelines,” said Greg McBride, chief financial analyst at Bankrate.com.
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