Fed Faces Pressure for Rate Hike as Core Inflation Rises

Core inflation reading came in higher than expected, according to recent data. This development has put pressure on the Federal Reserve to raise interest rates.

The latest consumer price index (CPI) reading showed that core inflation rose by 0.4% month-over-month and 6.2% year-over-year.

This increase in core inflation has strengthened the case for a rate hike, as it indicates that inflationary pressures remain high.