U.S. inflation ticks up slightly in February
The U.S. Bureau of Labor Statistics reported Tuesday that consumer prices edged up again in February.
The Consumer Price Index (CPI) for All Urban Consumers rose 0.4% after a 0.3% increase in January, both figures seasonally adjusted. Over the past year, inflation has reached 3.2%.
Housing and gasoline costs were the biggest drivers of February's price increase, accounting for over 60% of the overall rise. Energy prices climbed 2.3%, with increases across all its components. Food prices remained flat overall, with grocery bills unchanged and restaurant prices showing a slight bump.
Excluding volatile food and energy prices, the core inflation rate held steady at 0.4% for the second month in a row. Shelter costs, airline fares, car insurance, apparel, and recreation all saw price increases in February. However, personal care products and household furnishings saw some price dips.
Year-over-year inflation ticked slightly higher, with the overall CPI reaching 3.2% compared to 3.1% in January. Core inflation (excluding food and energy) climbed to 3.8% over the past year. Energy prices, however, have softened, dropping 1.9% compared to last February. Food prices have risen more moderately, with a 2.2% increase over the past year. (ILKHA)