BREAKING: CPI increased 0.4% in February, as expected.
Inflation rose in February but was in line with expectations, providing a key input into whether the Federal Reserve continues to raise interest rates.
Excluding volatile food and energy prices, core CPI increased 0.5% in February and 5.5% on a 12-month basis. The monthly reading was slightly ahead of the 0.4% estimate, but the annual level was in line. Heading into the release, markets had widely expected the Fed to approve another 0.25 percentage point increase to its benchmark federal funds rate.
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