US consumer inflation unchanged at 2.4pc year-on-year in Feb

WASHINGTON, Mar 11 (AFP): Consumer inflation in the United States remained stable at 2.4 per cent in February, in line with market expectations, government data showed Wednesday, as affordability concerns persist in the world's largest economy.
The consumer price index (CPI) rose 2.4 per cent year-on-year, the same increase as reported a month prior. The price index rose 0.3 per cent month-on-month, also in line with market expectations.
Price increases were reported in medical care, education, apparel, airline fares and household furnishings, the US Labor Department said.
Prices for used vehicles and vehicle insurance, communications and personal care were down.
The core Consumer Price Index (CPI), which excludes volatile energy and food prices, rose 2.5 per cent over last year in February. The fresh data was in line with market expectations, as per surveys of economists conducted by Dow Jones Newswires and The Wall Street Journal.
The index for energy increased 0.6 per cent on-month in February, following a 1.5-per cent fall the previous month.
Price shocks to global oil markets from the US-Israel war on Iran were not reflected in February's figures, with the war launched on the last day of the month.
Meanwhile, the US Treasury said it welcomed the reactivation of the Central Bank of Syria's account at the Federal Reserve Bank of New York, marking the first time it has been operational since 2011.
The account had effectively been frozen after the outbreak of Syria's civil war in 2011, when Washington imposed sweeping targeting the Syrian government, state institutions and individuals associated with the regime, designed to isolate Damascus financially and restrict its access to international banking channels.
It is the latest step in efforts to reintegrate Syria into the international financial system. The country has also begun reconnecting to the Society for Worldwide Interbank Financial Telecommunication network, a move that would end roughly 14 years of financial isolation and restore access to global banking channels.
In a statement posted on social media, the US Treasury Department said it was working with Syria's new authorities to "responsibly reintegrate Syria into the global financial system," adding that it welcomed the Syrian central bank's announcement that its account at the New York Fed had been restored.