While services inflation began to moderate and rent prices rose at a slower pace, "inflation still remains too hot for the Fed's liking," according to senior economist at Wells Fargo in Charlotte, North Carolina Sarah House.
The consumer price index, a key measure of inflation, rose 0.4% in February, up 6% from February 2022, the U.S. Bureau of Labor Statistics reported on Tuesday.
The European Union has voted to ban the sale of new gasoline-powered cars and vans by 2035, requiring all new cars in Europe to be electric in 12 years.
