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Source: US Department of Labor Source: US Department of Commerce <br />Inflation <br />Although U.S.consumer prices we re inline with expectations in February,inflation hit a 40-year high.The Consumer Price Index (CPI)was up <br />7.9%year-over-year in February, versus a 7.5%year-over-year gain in January.Core CPI (CPI less food and energy)was up 6.4%year-over-year <br />in February, versus up 6.0%in January.Rising food and rent prices were primary contributors to the big increase,as well as the month-end <br />surge in gas prices, which islikely to be even more pronounced in the March report.The Personal Consumption Expenditures (PCE)index was <br />up 6.4%year-over-year in February,up from 6.0%in January.Core PCE was up 5.4%year-over-year in February, versus up 5.2%in January. <br />Current inflation readings continue to run well above the Fed’s longer-run target of around 2.0%.We believe pricing pressures are likely to <br />increase in the coming months considering the recent surge in commodity prices,and will likely remain elevated longer than anticipated as a <br />result of the conflict in Europe. <br />0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />7.0% <br />8.0% <br />9.0% <br />Personal Consumption Expenditures (PCE) <br />PCE Price Deflator YOY % Change <br />PCE Core Deflator YOY % Change <br />YOY( %) Change0.0% <br />1.0% <br />2.0% <br />3.0% <br />4.0% <br />5.0% <br />6.0% <br />7.0% <br />8.0% <br />9.0% <br />Consumer Price Index (CPI) <br />CPI YOY % Change <br />Core CPI YOY % Change <br />YOY( %) Change5