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Consumer prices up 0.4% last month, biggest gain in 6 months
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WASHINGTON – U.S. consumer prices increased 0.4% in February, the biggest increase in six months, led by a sharp jump in gasoline prices.
The Labor Department said Wednesday that the February advance in its consumer price index followed a 0.3% rise in January and was the largest advance since a similar 0.4% increase in August.
Over half of the increase came from a second monthly surge in gasoline prices, which rose 6.4% after a 7.4% jump in January.
Gasoline costs have been climbing since December, reflecting rising costs of crude oil. Consumer prices are up 1.7% over the past year, a still moderate performance for inflation which is running below the Federal Reserve's 2% target for price increases.
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