On track with expectations, inflation cooled slightly in February.
The latest consumer price index (CPI) shows prices rising 0.4 percent month-over-month in February, down from 0.5 percent in January, while the annual inflation is up 6 percent, down from 6.4 percent.
Shelter accounted for 70 percent of the increase, rising 0.8 percent. The jump came despite efforts by the Federal Reserve to tamp down on home prices by rapidly raising interest rates.
Food prices, meanwhile, decelerated from 0.5 percent to 0.4 percent, and energy prices declined 0.6 percent after rising 2 percent in January. The drop in energy prices was mostly powered by a 7.9 percent drop in fuel oil prices.
Used car prices also fell a whopping 2.8 percent. Once one of the main drivers of inflation, the category is now helping bring down the index.
Lionsgate announced its studio division is going to spin off in a merger with Screaming Eagle Acquisition Corp., which is a special purpose acquisition company.
You found the perfect holiday gift online. You ordered it. A notification arrived on your phone, showing the package had arrived. But when you open your doors, the parcel is nowhere to be found.
