US consumer prices rose 3.2% year over year in February; This surprised analysts and caused inflation to accelerate from 3.1% in January. This is proven by: data Ministry of Labor of the country.
On average, experts expected U.S. inflation to remain at the January level of 3.1% annually, according to Trading Economics surveys. On the other hand, the price increase last month was the highest increase in the last 5 months.
At the same time, energy prices fell 1.9% in February compared to the same month in 2023, following a 4.6% drop in January. Including gasoline, it became cheaper by 3.9 percent. Food inflation slowed to 2.2% from 2.6% in January.
On a monthly basis, the US core consumer price index (CPI) increased by 0.4%, following a 0.3% increase in January. Core inflation (Core CPI), excluding fluctuating food and energy prices, increased by 0.4% in February and January. On an annual basis, Core CPI increased from 3.9% in the previous month to 3.8%.
The unexpected rise in inflation in the US gives the Federal Reserve additional reason to tighten monetary policy further at its next meeting in March. The Fed’s inflation target is 2% annually.
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