Global stocks lost some of their upwards momentum as hotter than anticipated inflation reports dampened expectations of interest rates cuts ahead of key central bank meetings this week. The blue-chip S&P 500 and technology focussed Nasdaq indices gained 0.6% and 0.5% respectively.
On Tuesday it was revealed that annual US consumer price inflation unexpectedly accelerated in February to 3.2% and further away from the Federal Reserve’s 2% target rate. The increase was driven by higher accommodation costs, as well as prices for services such as healthcare and motor insurance.
A couple of days later, the US Producer Price Index report for February also exceeded forecasts. Wholesale prices increased 1.6% from a year earlier, the fastest rate since September, on the back of higher fuel and food costs.
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