Gas prices continue to rise in Walnut Creek, California on Tuesday. California prices are higher than the national average. Photo by Terry Schmitt/UPI | License Photo
The consumer price index rose at a slightly quicker pace in February than January but the annual rate of inflation slowed, the Bureau of Labor Statistics reported Wednesday.
The index for all items increased by 0.3% on a seasonally adjusted basis after climbing about 0.2% in January. For the 12 months ending in February, the index for all items increased by 2.4% without a seasonal adjustment.
The Dow Jones consensus forecast estimated the 12-month inflation rate for February would be 2.4%
When factoring out volatile items like food and energy, the index rose by 0.2% in February. The food index increased by 0.4%, while the food at home index increased by 0.8%.
Fruits and vegetables had the greatest increase among food items in February, rising by 1.4%, while cheese declined by 1.2%.
The energy index for fuel experienced the most dramatic increase from January to February, jumping by 11%. January’s index was down 5.7% below December in this category.
For the year ending in February, fuel increased by 6.2%. The data was compiled before the United States and Israel launched military strikes against Iran.
Shelter increased by 0.2% but rent rose by just 0.1%, the smallest monthly increase in that category since 2021. Shelter is up 3% over a year ago.
The rate of core inflation remains above the Federal Reserve’s 2% target rate.
This week in Washington
Sen. Markwayne Mullin, R-Okla., speaks to the press outside the U.S. Capitol on Thursday. Earlier today, President Donald Trump announced Mullin would replace Kristi Noem as Secretary of the Department of Homeland Security. Photo by Bonnie Cash/UPI | License Photo
