Fuel and the cost of living are driving inflation in America, and the Federal Reserve warns. The Consumer Price Index (a key measure of inflation) rose 0.4% in February, after a 0.3% increase last January.
Fuel and living costs, including rents, played an important role in this rise, as they accounted for more than 60% of the recorded monthly increase. Despite inflationary pressures, the US labor market has maintained its strength, with real income continuing to rise annually.