Consumer Price Index

The consumer price index determines the rate of inflation from the point of view of consumers when they buy goods and services. This index is also considered one of the most important indicators that traders monitor and is considered a basic indicator for determining financial inflation and buying trends in society in the United States.
The main goal that the central bank seeks is to achieve price stability, and among the ways to fight inflation, the central bank seeks to raise interest rates to help prices fall. Higher interest rates attract foreign investment, thus increasing the demand for the country's currency
The annual rate of inflation in the United States is likely to reach 6% in February of 2023, decelerating for the eighth consecutive month and marking the lowest level since September 2021, compared to 6.4% in January. Core inflation, which excludes food and energy prices, fell to 5.5% from 5.6%, also the lowest since late 2021. Compared to January, CPI is likely to have risen at a weaker 0.4%, after an earlier gain of 0.5%. While the core index grew by 0.4% for the second month in a row. The report is expected to show gasoline prices rose nearly 1% during the month, and more upward pressure came from the cost of used cars, shelter, and airfare. US inflation has remained high and about three times above the Fed's 2% target, supported by service and housing prices. At the same time, commodity prices could start to rise as supply chains return to normal

Outlook for today's statement and how it will affect the currency

Expectations indicate that inflation data will decline to 6%.
If the statement is issued below expectations, it will affect the currency in a negative way, but if the statement is issued at a rate higher than expected, it will affect the currency in a positive way

The timing of the statement

Inflation data will be released at exactly 3:30 pm Mecca time