13-Mar-2025 07:35

A report released by the Labor Department on Wednesday showed consumer prices in the U.S. increased by slightly less than expected in the month of February.

The Labor Department said its consumer price index crept up by 0.2 percent in February after climbing by 0.5 percent in January.

Excluding food and energy prices, the core consumer price index also rose by 0.2 percent in February following a 0.4 percent increase in January.

The report also said the annual rate of consumer price growth slowed to 2.8 percent in February from 3.0 percent in January.

The annual rate of core consumer price growth also slowed to 3.1 percent in February from 3.3 percent in January.

The modest monthly increase by consumer prices largely reflected a continued advance by shelter costs, which rose by 0.3 percent in February after climbing by 0.4 percent in January.

Meanwhile, the Labor Department a 4.0 percent nosedive by prices for airline fares and a 1.0 percent slump by prices for gasoline helped limit the upside.

Despite the decrease by prices for gasoline, energy prices rose 0.2 percent over the month as prices for electricity and natural gas increased.

Prices for food also edged up by 0.2 percent in February amid a 0.4 percent increase by prices for food away from home.

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