Nobel laureate and well-known economist Paul Krugman believes While February consumer price inflation isn’t great, the number isn’t grim either.

Krugman also highlighted the rise in “super core inflation” – a new buzzword being considered by The federal reserve To Describe the price of services such as the cost of visiting a hairdresser, lawyer or plumber. This does not include housing, food and energy costs.

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In February, “supercore” services inflation rose 0.2% for the month, up 4% from a year ago. Headline CPI rose 6% in February versus 6.4% in January, according to data work department reported on Tuesday. Month-on-month, CPI rose 0.4%, which corresponded to the estimates.

Price promotion: Wall Street’s major indices rose on Tuesday. The SPDR S&P 500 ETF Trust SPY closed 1.65% higher and the Invesco QQQ Trust Series 1 QQQ up 2.3%.

Krugman noted that although inflation has come down, the economy still appears to be running hot, which could be a concern Fed’s fight against rate hikes

“My story for now: inflation has come down significantly with no significant rise in unemployment, suggesting a near-vertical Phillips curve, but the economy is still running too hot to get on target,” he said.

“Two risks are a ‘no landing’ scenario, where the economy simply won’t cool down, and an ‘air pocket’ scenario, where past rate hikes eventually hit construction employment hard. Without the SVB, the Fed would probably only hike gradually; maybe even with SVB,” Krugman tweeted.

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