"Rising Gasoline and Shelter Costs Drive US Prices Up, Despite Slowing Inflation"

US consumer prices rose 0.4% in February, driven by higher gasoline and shelter costs, with the overall inflation rate at 3.2% year-on-year. Despite the increase, the report suggests a disinflationary trend, and the Federal Reserve is unlikely to cut interest rates before June. President Biden used the report to advocate for his $7.3 trillion budget, aiming to lower costs for the middle class. The Fed is closely monitoring the personal consumption expenditures price indexes for its 2% inflation target, which are running at tamer rates than the consumer price index.