Today’s Consumer Price Index (CPI) report shows inflation at 6.0% year-over-year in February – down from 6.4% in January. Lower prices for food and energy pulled inflation down, as it’s now down a third from its June 2022 peak.
Groundwork’s Chief Economist Dr. Rakeen Mabud responded to today’s inflation report with the following statement:
“This is the eighth straight report showing falling inflation, and our labor market has continued its strong growth. It’s obvious that millions of people don’t have to lose their jobs to lower prices. Chair Powell and the Fed need to stop raising interest rates before they trigger a painful and unnecessary recession.”