Prices ticked higher in February, but there’s good news at the grocery store
CNN
Higher prices at the gas pump pushed up inflation more than expected in February, according to the latest Consumer Price Index from the Bureau of Labor Statistics.
Higher prices at the gas pump pushed up inflation more than expected in February, according to the latest Consumer Price Index from the Bureau of Labor Statistics. However, inflation did slow in other key areas like food and housing, fueling a touch of positive news for the Federal Reserve and consumers alike. Overall, the closely watched inflation gauge showed that prices rose by 3.2% for the 12 months ended in February, the BLS said Tuesday. That’s up slightly from January’s annual reading of 3.1%, and higher than economists’ expectations. On a monthly basis, CPI rose by 0.4% in February, the fastest pace since September of last year. Stocks rose Tuesday morning as investors cheered the cooldown in some categories of inflation. The Dow rose 97 points, or 0.3%. The S&P 500 gained 0.5% and the Nasdaq Composite added 0.6%, both on pace to snap a two-day losing streak. Pushing inflation higher in February was a sharp climb in gas prices and the continued steady rise in shelter costs. Combined, those two categories were responsible for 60% of the monthly increase, the BLS said.