The spike in gasoline prices boosted the overall energy index, which includes natural gas and electricity prices, by 5.4%. Food costs rose 0.1% in February on a sharp rise in the costs of fruits and vegetables.
Excluding food and energy, core CPI rose 0.2% in February and the 12-month rise in core CPI also totaled 2%.
The consensus estimates called for a rise of 0.5% in CPI and a rise of 0.2% in core CPI.
Hourly earnings fell by 0.6% as the average increase in earnings rose just 0.2%, far short of the overall 0.7% rise in the index.
Gasoline prices have moderated in March, which is likely to lead to a reversal of at least some of the rise in energy prices. Natural gas prices have risen this month, but probably not by enough to affect seriously the overall index.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
