A woman uses her card to make her purchase at Trader Joe’s in Draper on Friday, March 3, 2023. Annual inflation ticked down in February but prices were up over January.
Scott G Winterton, Deseret News
On the heels of the second and third largest bank failures in U.S. history, new federal data showing an ongoing easing of price pressures could help dampen concerns over a potential economic fissure.
On Tuesday, the Department of Labor reports year-over-year inflation dropped to 6% in February, down from January’s 6.4% rate and the smallest annual price increase since September 2021. While price increases on goods and showed easing on an annual basis, they still inched up .4% over January, according to the report.
The increasing cost of shelter was a primary driver behind the month-over-month increase, according to the department, while price hikes on food and recreation also contributed.
The Mountain West region, which includes Utah, continued to see the highest inflation rates in the country in February. Annual inflation came in at 6.7% for the region last month.
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Source:: Deseret News – Utah News