Inflation rate rose at a 2.8% annual rate in February, CPI report shows. Here's what that means.

Inflation rose 2.8% on an annual basis, slightly lower than economists had forecast but continuing to signal that price hikes remain elevated despite the Federal Reserve's efforts to tame inflation to a 2% annual rate. 

The Consumer Price Index was forecast to rise 2.9% last month, according to economists polled by financial data firm FactSet. The CPI, a basket of goods and services typically bought by consumers, tracks the change in those prices over time.