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Consumer prices rose 0.3% in February over the previous month, according to data released by the Bureau of Labor Statistics on Friday morning, matching expectations and rising slightly higher than the previous month’s 0.2% increase. The inflation measure rose 2.4% year over year, also matching expectations and January’s year-on-year reading.<\/p>\n
The “core” Consumer Price Index, which excludes the volatile food and energy categories, rose by 0.2% from the previous month and 2.5% over the previous year. Both readings were in line with economists’ expectations.<\/p>\n
The month-on-month reading for core inflation cooled slightly from January’s 0.3% increase, while the year-on-year reading remained unchanged from the previous month.<\/p>\n
Fuel oil and utility gas prices rose 11.1% and 3.1%, respectively, over the previous month in the most notable increases of the report. That shift was at least partially driven by the cold-weather snap that blanketed the US with freezing temperatures, prompting Americans to crank up their heat.<\/p>\n
As Yahoo Finance’s Emma Ockerman noted, the report covers the period before the war with Iran broke out, which has raised gas prices and fueled concerns of higher utility bills.<\/p>\n
“Perhaps more important than the [February] data is the evolving risk space for inflation,” Bank of America’s Stephen Juneau said in a research report last week, noting that a longer conflict “would put upward pressure on headline, core inflation and inflation expectations in the months ahead.”<\/p>\n
Gasoline prices rose 0.8% month over month in February, but that figure could jump in future reports. Gas pump prices averaged $3.578 per gallon nationally, up from $2.937 one month ago.<\/p>\n<\/div>\n