A clearance sign is displayed at a retail clothing store in Downers Grove, Ill., Tuesday, March 12, 2024. On Friday, March 29, 2024, the government issues its latest monthly report on the Federal Reserve’s preferred inflation gauge, a key measure of how well the Fed’s drive to tame inflation is succeeding. Appliances are displayed in a Costco warehouse on Sunday, March 17, 2024, in Sheridan, Colo.
Compared with 12 months earlier, though, prices rose 2.5% in February, up slightly from a 2.4% year-over-year gain in January. Annual inflation, as measured by the Fed’s preferred gauge, tumbled in 2023 after having peaked at 7.1% in mid-2022.Still, inflation remains stubbornly above the Fed’s 2% annual target, and opinion surveys have revealed public discontent that high prices are squeezing America’s households despite a sharp pickup in average wages.
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