Prices consumers pay for a broad range of goods and services rose in line with expectations for February, offering a final look at inflation pressures before an oil shock tied to the Iran war rattled the outlook.
The consumer price index increased a seasonally adjusted 0.3% for the month, putting the 12-month inflation rate at 2.4%, according to Bureau of Labor Statistics data released Wednesday. Both numbers matched the Dow Jones consensus forecast.
Stripping out volatile food and energy prices, core CPI posted a 0.2% monthly reading and 2.5% annual rate, compared to forecasts for 0.2% and 2.5%, also in line with the estimates.
The annual rates were unchanged from January, indicating that inflation was holding above the Federal Reserve’s 2% target but not getting worse.
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