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- U.S. consumer prices increase 0.4 percent in February, as expected
U.S. consumer prices increase 0.4 percent in February, as expected
The Labor
Department announced on Wednesday the U.S. consumer price index (CPI) rose 0.4
percent m-o-m in February, following an unrevised 0.3 percent m-o-m gain in the
previous month.
Over the last
12 months, the CPI increased 1.7 percent y-o-y, accelerating from +1.4 percent y-o-y
reported for the period ending in January. This was the highest reading since February
2020.
Economists had
forecast the CPI to increase 0.4 percent m-o-m and 1.7 percent y-o-y in the
12-month period.
According to
the report, a 6.4 percent m-o-m jump in the gasoline index accounted for over
half of the seasonally adjusted increase in the all items index in February. In
addition, the energy index surged 3.9 percent m-o-m and the food index rose 0.2
percent m-o-m.
Meanwhile, the
core CPI excluding volatile food and fuel costs edged up 0.1 percent m-o-m in February
after an unrevised flat m-o-m figure in the previous month.
In the 12
months through February, the core CPI rose 1.3 percent compared to an unrevised
1.4 percent surge for the 12 months ending January.
Economists had
forecast the core CPI to increase 0.2 percent m-o-m and to jump 1.4 percent
y-o-y last month.
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