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- The Current Inflation Rate is 3.2%. The current U.S. inflation rate is 3.2% for the 12-month period leading up to February 2024. Wholesale prices in the United States accelerated again in February, the latest sign that inflation pressures in the economy remain elevated and might not cool. Higher wholesale gas prices, which jumped 6.8% just from January to February, drove much of last month’s increase. Wholesale grocery costs also posted a large gain, rising 1%.While contact lenses have gone up 465% in price from last year, other items like lighter fluid, laptop parts and sleep apnea aids surpass a 300% cost increase.
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- Core wholesale prices rose 0.3%, down from a 0.5% jump the previous month. Compared with a year ago, core prices climbed 2%, the same as the previous month. A separate report Thursday showed that retail sales grew 0.6% from January to February, after a sharp fall of 1.1% the previous month. The data points to cooling consumer demand, with many consumers having run through their pandemic-era savings and putting more spending on credit cards. The younger generation, the Gen Zers and the Millennials, they're very cost conscious about these things. How much are they going to be able to spend on rent, on mortgage, on health care, on retirement savings.
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