The latest inflation report out this Friday shows price growth accelerated again, rising 0.4% last month.The Consumer Price Index focuses on core inflation, which excludes the fluctuating prices of groceries and energy. Core inflation has come down considerably but remains higher than most people are comfortable with.February’s data showed core consumer costs were up 2.8% since last year. The Federal Reserve wants that number to be closer to 2% and serve as evidence of a steady job market before they lower interest rates. Lowered rates would make it cheaper to borrow money short-term, like on a credit card or to buy a car.But the latest consumer sentiment surveys show people are worried about inflation and their chances of getting a job. A report from the Conference Board this week showed consumer confidence fell for a fourth straight month to its lowest level in 12 years, suggesting people are expecting a recession.When questioned by Hearst Television’s White House Correspondent Kalyn Norwood, President Donald Trump claimed prices are “way down,” and polling shows more people think the country is on the right track, but data and most polls don’t support that view.More action from the White House could influence where inflation and prices go.Trump is enacting reciprocal tariffs next week, along with big taxes on auto imports. That will likely come up during a phone call with the new Canadian prime minister, Mark Carney, who says that call will happen as soon as Friday. It would be the first chat between Carney and Trump.Auto parts often go back and forth across the Canadian and Mexican border several times for vehicles assembled in the U.S. and will be subject to the 25% tax.Another monthly jobs report will be out next Friday. Unemployment claims have remained in a steady range for years now, but it’s unclear when the Trump administration’s large-scale cuts to government workers will start showing up in that data.
The latest inflation report out this Friday shows price growth accelerated again, rising 0.4% last month.
The Consumer Price Index focuses on core inflation, which excludes the fluctuating prices of groceries and energy. Core inflation has come down considerably but remains higher than most people are comfortable with.
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February’s data showed core consumer costs were up 2.8% since last year. The Federal Reserve wants that number to be closer to 2% and serve as evidence of a steady job market before they lower interest rates. Lowered rates would make it cheaper to borrow money short-term, like on a credit card or to buy a car.
But the latest consumer sentiment surveys show people are worried about inflation and their chances of getting a job. A report from the Conference Board this week showed consumer confidence fell for a fourth straight month to its lowest level in 12 years, suggesting people are expecting a recession.
When questioned by Hearst Television’s White House Correspondent Kalyn Norwood, President Donald Trump claimed prices are “way down,” and polling shows more people think the country is on the right track, but data and most polls don’t support that view.
More action from the White House could influence where inflation and prices go.
Trump is enacting reciprocal tariffs next week, along with big taxes on auto imports. That will likely come up during a phone call with the new Canadian prime minister, Mark Carney, who says that call will happen as soon as Friday.
It would be the first chat between Carney and Trump.
Auto parts often go back and forth across the Canadian and Mexican border several times for vehicles assembled in the U.S. and will be subject to the 25% tax.
Another monthly jobs report will be out next Friday. Unemployment claims have remained in a steady range for years now, but it’s unclear when the Trump administration’s large-scale cuts to government workers will start showing up in that data.