Inflation in the Phoenix metropolitan area appears to be calming down, according to new Consumer Price Index data from February.
The CPI saw an uptick of 2.2% year-over-year from last February, and a 0.7% increase between December 2023 and this February. That's lower than the nationwide year-over-year rate of 3.2%.
However, inflation is coming down from very high levels in the metropolitan area.
Farley also explained the role the Federal Reserve Board plays when it comes to wrangling the American economy.
"The Federal Reserve Board has maintained that it takes time for monetary policy to work; six months is a long time to wait. It is clearly too soon to entertain lowering interest rates, and that means three rate cuts probably aren’t happening this year as planned," he stated.
The U.S. Bureau of Labor Statistics uses the CPI to determine inflation by examining the cost of items typically purchased by Americans.
