Inflation held steady at 2.4 percent in February before Iran war outbreak |
Inflation held steady at 2.4 percent in February before Iran war outbreak
The annual inflation rate held steady in February, according to data released Wednesday by the Labor Department, before the war in Iran drove energy prices higher and threatened to upend the global economy.
Consumer prices rose 0.3 percent in February and were up 2.4 percent over the past year, as measured by the Labor Department’s consumer price index (CPI). The annual and monthly inflation figures matched economist expectations, according to consensus estimates.
The new inflation report is a snapshot of the economy as tensions between the U.S. and Iran rose, but before they spilled over into a full-blown military conflict in March. In the weeks since the U.S. and Israel launched joint strikes against Iran, prices for oil and other commodities have skyrocketed, with roughly 20 percent of global crude production held up amid the conflict.
“This is a welcomed number on the surface, but one that may already be outdated. February’s data was collected before the conflict in Iran sent crude oil surging roughly 30 percent, with natural gas, aluminum, fertilizer, freight rates, and shipping insurance moving higher with it,” said Alexandra Wilson-Elizondo, global co-CIO of multi-asset solutions at Goldman Sachs Asset Management.
“The Strait of Hormuz remains the wildcard, and if disruption is sustained, the inflation improvement embedded in today’s print could reverse quickly.”
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