Gas Prices Fuel Inflation Rise
Man pumps gas into vehicle.
Fueled by gas prices, consumer prices saw their largest increase in over a year in February, the labor department announced.
The Bureau of Labor Statistics' gasoline price index rose 9.1 percent last month, accounting for almost three-quarters of the seasonally adjusted monthly inflation rate of 0.7 percent. That jump slightly exceeded analysts' expectations and put consumer prices on a 2-percent annual growth rate, up from 1.9 percent in January.
All indexes were up in February, with sharp jumps in electricity, natural gas and fuel oil prices leading a 5.4 percent increase in the energy index. The food index was up slightly, rising 0.1 percent, mostly resulting from an increase in the prices of fruits and vegetables.
The index for items besides energy and food were up 0.2 percent in February, with those for shelter, used cars and trucks, recreation and medical care all rising. Those increases more than offset the declines in new vehicles, apparel, airline fares and tobacco. The all-items index was up 2 percent for the year, compared to a 1.6 percent increase for the 12-month period ending in January.
WBJ Web Partners
Most Recent
Most Recent
0 Comments