US February PCE Data Quick Take

Amid persistent inflationary pressures, U.S. consumer spending saw virtually no growth in February. The latest consumption data further indicates that U.S. consumers have become more cautious over the past six months, against a backdrop of living cost pressures and a weakening job market. Inflationary pressures have recently intensified as wars push up fuel and raw material costs. Some businesses have begun to pass on costs to consumers or have announced similar measures.