Inflation remains persistent at 2.4% year-over-year, with core prices also holding steady at 2.5%, both surpassing the Feds target. Oil prices surged due to the U.S.-Israeli strike on Iran, causing gas prices to jump 0.8% in February and forecasted to rise by 20% this month. Business owners, including a frozen yogurt shop CEO, are grappling with increased costs from tariffs and fuel hikes. The Fed faces a challenging decision next week, weighing inflation against a weak jobs report. Energy shocks are causing price increases in various sectors, threatening family budgets and potentially stoking political tensions ahead of midterm elections.
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