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June rate cut on table as US prices rose 0.3% in February

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U.S. prices increased moderately in February and the cost of services outside housing slowed considerably, keeping a June interest rate cut from the Federal Reserve on the table.

The personal consumption expenditures price index rose 0.3% last month, the Commerce Department's Bureau of Economic Analysis said on Friday.

In the 12 months through February, PCE inflation advanced 2.5% after increasing 2.4% in January. Economists polled by Reuters had forecast the PCE price index gaining 0.4% on the month and rising 2.5% year-on-year.Fed officials last week left the U.S. central bank's policy rate unchanged in the current 5.25%-5.50% range, having raised it by 525 basis points since March 2022.

Excluding the volatile food and energy components, the PCE price index increased 0.3% last month. That followed an upwardly revised 0.5% gain in January. The so-called core PCE price index was previously reported to have advanced 0.4% in January.

 

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