The government reported Friday that prices rose 0.3% from January to February, decelerating from a 0.4% increase the previous month in a potentially encouraging trend for President Biden’s reelection bid. Compared with 12 months earlier, though, prices rose 2.5% in February, up slightly from a 2.4% year-over-year gain in January. Excluding volatile food and energy costs, last month's “core” prices suggested lower inflation pressures. These prices rose 0.
The jump in borrowing costs for companies and households was also expected, though, to cause widespread layoffs and tip the economy into a recession. That didn’t happen. The economy has grown at a healthy annual rate of 2% or more for six straight quarters. Job growth has been solid. And the unemployment rate has remained below 4% for 25 straight months, the longest such streak since the 1960s.
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