A closely-tracked measure of U.S. consumer price inflation rose in line with expectations in February, according to figures released today (March 13) that are likely to reaffirm the Federal Reserve’s case for just three rate hikes this year.

Financial Times reported that the core consumer price index, which excludes volatile food and energy prices, showed prices were 1.8% higher in February than the same month last year. The rate is unchanged from that reported in January and was as expected by the markets.

The headline index came in at an annual rate of 2.2% growth however, up from the 2.1% reported in January. On a month-on-month basis, headline prices rose just 0.2%, a slowdown from the 0.5% pace recorded in the month prior.

The inflation report comes after the jobs report on Friday showed wage growth remained subdued and prompted some to question whether that could deter policymakers from stepping up the pace of rate increases.

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