Inflation rate rises to 3.2% as economy concerns intensify ahead of 2024 election

The inflation rate rose in February to 3.2% despite efforts to combat it, according to Tuesday's federal Consumer Price Index, which measures the prices that consumers pay for goods and services over time, as voters are expressing concerns about the economy ahead of the 2024 election.

The CPI rose 0.4% from January to February, which is higher than the last month-to-month increase of 0.3% from December to January.

Meanwhile, compared to February 2023, prices rose 3.2% last month. This is larger than the CPI increase of 3.1% that occurred in January 2024 when compared to the same month last year.

While energy prices appear to be decreasing, prices for housing and transportation are significantly higher than last year, according to the Bureau of Labor Statistics. 

Although inflation is below June 2022's four-decade high of 9.1%, it is still higher than the Federal Reserve Bank's target inflation rate of 2%. 

Recent polls show that voters are already concerned about the economy and inflation ahead of the 2024 election, and the latest CPI report is unlikely to assuage their worries. Meanwhile, President Joe Biden and former President Donald Trump appear headed toward a rematch this November.

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