Consumer prices in the U.S. rose in February. It’s the first jump in four months led by increases in gas, food and housing.
The consumer price index added a seasonally adjusted 0.2%, according to the latest report from the Labor Department. January’s 0.7% loss was the largest in six years.
Gas prices, which had fallen every month since June, jumped 2.4%, shook off some of January’s 18.7% drop. Energy prices as a whole were up 1% after falling 9.7% in January.
Food prices were up 0.2% after a flat January. Existing home sale prices are up more than 8% from a year ago, while prices for new homes are up 2.6%.
The so-called core consumer prices, excluding food and energy, are up 1.7% in the past year. Combined with the slight drop of 0.1% in real wages, inflation is up and edging closer to the 2% target the Fed is looking for as it decides when to raise the interest rate.
Follow this link to see the complete consumer prices report from the Labor Department.