The latest release from the Bureau of Labor Statistics indicates that the Philadelphia metropolitan area continues to grapple with inflation rates surpassing those of the broader country.
Philadelphia’s core inflation, which excludes the volatile categories of food and energy, has maintained a steadfast range between 4% and 5% since June 2023, settling at 4.2% in February. Meanwhile, local headline inflation, encompassing all items, slightly trailed behind at 3.4%. Philadelphia, previously one of the worst-hit areas nationwide in terms of inflation, is steadily progressing toward recovery.
On a national scale, headline inflation persisted above the desired threshold, standing at 3.2% year over year in February. Core inflation surpassed this, reaching 3.8%. Despite this ongoing inflationary trend, which has exceeded the Federal Reserve’s 2% target since March 2022, there are signs of progress.
However, the elevated inflation rates may lead to delays in the Federal Reserve’s planned interest rate cuts for 2024.
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