US Core CPI came in hot!

CPI: 3.1%

Core CPI (Y-O-Y): 3.9%

The US core CPI (yoy) had stalled in Jan 2024 and didn't decrease further because the prior year high base effect was starting to wear out.

Core CPI (M-O-M): 0.4%

The monthly core CPI had increased quite significantly which indicated that the declining inflation trend was unsustainable.