When you put the inflation-adjusted price of gas on the same chart as U.S. oil production since 1976, the numbers sometimes go in the same direction, sometimes in opposite directions. If drilling for more oil meant lower prices, the lines on the chart would consistently go in opposite directions. A basic statistical measure of correlation found no link between the two, and outside statistical experts confirmed those calculations. USA today.
Consumer prices rose 2.9% last month from a year-ago, unchanged from January but down from a peak of 3.9% in September. The core index was up 2.2% over the 12 months through February, slowing from 2.3% in January.
The Federal Reserve said on Tuesday the recent spike in energy costs would likely lift inflation only temporarily. Over a longer horizon, it said inflation was poised to run at or below its 2% target.
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