US monthly inflation slows; consumer spending surges
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US prices increased less than expected in February, with the cost of services outside housing and energy slowing significantly. Consumer spending rose by the most in just over a year last month. The personal consumption expenditures (PCE) price index rose 0.3% last month. In the 12 months through February, PCE inflation advanced 2.5%. Fed officials anticipate three rate cuts this year, with the first rate reduction expected in June.

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