The Consumer Price Index increased by 0.3 percent on the month compared to the expected 0.2 percent. Inflation is at 3.1 percent on the year when analysts were predicting 2.9 percent.
Housing was the biggest contributor to the rise, increasing 0.6 percent. Food and energy also both went up by 0.4 percent.
Despite what investors want, today’s print will make it difficult for the Fed to justify lowering interest rates.
