Inflation remained stubbornly elevated last month as gas prices rose, but it’s a snapshot of consumer prices before a U.S.-Israeli attack on Iran sent energy costs soaring.
Consumer prices rose 2.4% in February compared with a year earlier, the Labor Department said Wednesday, matching January’s increase. Excluding the volatile food and energy, core prices climbed 2.5% from a year ago, also matching January’s level, which was the lowest in five years. Both remain above the Federal Reserve’s 2% target.
Wednesday’s data has been overtaken by a conflict that began when the U.S. and Israel attacked Iran on Feb. 28, causing wild gyrations in oil prices as shipping lanes through the Persian Gulf suffered a rare shutdown…
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