Americans got relief from inflation in February as prices rose at the slowest pace since last summer.
Consumer prices rose 2.8 percent in the 12 months through February, the Labor Department reported Wednesday, slower than the three percent year-over-year increase recorded in January. Economists had forecast the consumer price index (CPI) would be up 2.9 percent versus a year ago.
Core CPI, which excludes volatile food and energy prices, rose 3.1 percent compared with a year earlier. This was a smaller annual increase than consumers faced in January, when core prices were up 3.3 percent. Economists had forecast a 3.2 percent rise.
The monthly pace of price increases slowed significantly in February. Overall consumer prices climbed just 0.2 percent, the smallest increase since August 2024. In January, prices jumped 0.5 percent compared with December. Core prices also rose 0.2 percent, half of January’s 0.4 percent surge.
