Rising gasoline costs kept inflation elevated in February, underscoring that the road to more modest consumer price increases following a pandemic-induced spike may continue to be bumpy.
The climb in fuel costs and rent offset flat food prices.
Overall prices rose 3.2% from a year earlier, slightly up from 3.1% in January, according to the Labor Department’s consumer price index. On a monthly basis, costs increased 0.4% following a 0.3% gain the previous month.