On March 12th local time, the US Department of Labor released data showing that the US Consumer Price Index (CPI) in February increased by 3.2% year-on-year, higher than the market's previous expectation of 3.1%; The month on month increase increased from 0.3% in January to 0.4% in the previous month. After excluding volatile food and energy prices, the core CPI increased by 3.8% year-on-year, a decrease of 0.1 percentage points from the previous month, which is the smallest annual increase since May 2021; The month on month increase remained unchanged from the previous value, at 0.4%.