Consumer Prices Make First Jump in 4 Months Joe Raedle/Getty Images

Consumer Prices Make First Jump in 4 Months

The so-called core consumer prices, excluding food and energy, are up 1.7% in the past year, edging closer to the 2% inflation target the Fed is looking for as it decides when to raise the interest rate.

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.

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