US inflation slows to 6% annual rate amid looming banking crisis

The Fed's target of bringing inflation to 2% could see dramatic change in tumultuous aftermath of Silicon Valley Bank collapse

Price rises slowed again in February as the annual rate of inflation eased but the report has been overshadowed by a banking crisis ahead of next week's meeting of the Federal Reserve.

Prices in February were 6% higher than a year ago, down from an annual rate of 6.4% in January and significantly lower than the 9.1% peak of inflation seen in June. Between January and February, prices rose 0.4% as prices increased in sectors including housing and food.