Inflation pressures remained persistent in February, as prices for shelter and gas rose, according to the latest data from the Bureau of Labor Statistics released Tuesday morning.
The Consumer Price Index (CPI) showed prices rose 0.4% over the previous month and 3.2% over the prior year in February, more than forecast and an acceleration from January’s 0.3% monthly increase and 3.1% annual gain. This marked the largest monthly increase since September.
On a “core” basis, which strips out the more volatile costs of food and gas, prices in February climbed 0.4% over the prior month and 3.8% over last year.
Both measures were higher than economist expectations of a 0.3% monthly increase and a 3.7% annual gain.
Alexandra Canal | Yahoo Finance