Over the last three months, core inflation has been running at a 3.5% annual rate.
Consumer demand was robust, with consumption spending rising 0.8% in February (0.4% after accounting for inflation).
Supercore prices have risen at a 4.7% annual rate, the highest since last March and up from 2% in December.
The central question is whether the incoming inflation data in 2024 is alarming enough to question the basic narrative widely embraced late last year.
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