Inflation’s temperature came down a little bit more last month, but the Federal Reserve’s campaign to bring down high prices has grown even more complex in recent days.
American consumers felt much worse about the US economy in February amid rising interest rates and concerns about a potential recession, according to the latest survey data released Tuesday by the Conference Board.
Mortgage rates climbed higher for the second consecutive week, following four weeks of declines. Inflation is running hotter, making rates more volatile, with the expectation that they will move in the 6% to 7% range over the next few weeks.
Price inflation throughout the Riverside metropolitan area jumped 7.3% over the last year and was up more than 1% just in the last two months, fueled by higher energy expenses, according to a report released Tuesday by the U.S. Bureau of Labor Statistics.
Inflation has driven the cost of building the homeless “navigation center” in Palm Springs which has now urged the city to possibly add $3 million to its construction budget.
The Federal Reserve unanimously approved a quarter-point interest rate hike Wednesday, slowing the pace of its increases in a clear sign that the central bank is seeing progress in its fierce battle with inflation.
