New data from the Bureau of Labor Statistics out Wednesday showed that a key inflation metric rose by less than anticipated in February.
On a “core” basis, which strips out the more volatile costs of food and gas, the February Consumer Price Index (CPI) climbed 0.2% from January’s 0.4% monthly gain and below the 0.3% economists had expected. On an annual basis, prices rose 3.1%, below economists’ expectations of 3.2% and lower than the 3.3% increase last month.
Headline consumer prices also rose less than expected. The CPI increased 2.8% over the prior year in February, a decrease from January’s 3% annual gain in prices. The yearly increase was below the 2.9% economists had expected.
The index rose 0.2% over the previous month, well below the 0.5% surge seen in January.
