Core inflation, which excludes food and energy, rose 0.2% for the month and 2.5% from a year earlier
Prices in the US rose as expected in February, showing that inflation remained stable before a recent jump in oil prices.
Data from the Bureau of Labor Statistics showed the consumer price index increased 0.3% last month. Annual inflation stood at 2.4%, matching forecasts.
Core inflation, which excludes food and energy, rose 0.2% for the month and 2.5% from a year earlier. The figures were unchanged from January and remained slightly above the Federal Reserve’s 2% target.
Shelter prices rose 0.2%, while rent increased only 0.1%, the smallest rise since 2021. Food prices climbed 0.4%, but egg prices dropped sharply to 3.8%.
Economists say inflation could rise again if higher oil prices continue amid the Iran war.
Americans are already feeling the impact at the pump. Gasoline prices have jumped in recent days as oil markets react to fears of supply disruptions tied to the Middle East conflict.
Markets largely dismissed the inflation report, with some strategists calling the data routine and outdated because the geopolitical situation has changed so quickly.