Inflation eased in February but remained stubbornly high, presenting a challenge for the Federal Reserve as it confronts how to slow the economy with higher interest rates at the same time it moves to stem banking problems.The consumer-price index, a closely watched inflation gauge, rose 6% in February from a year earlier, down from a 6.4% gain the prior month, the Labor Department said.

It was the smallest increase since September 2021. When excluding volatile food and energy costs, prices advanced a slightly slower 5.5%.

U.S. Inflation Cooled in February as Fed Confronts Bank Failures

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