Inflation held steady at annual rate of 2.4% for the month of February, according to federal data compiled before the start of the Iran War on Feb. 28.
The U.S. Bureau of Labor Statistics said Wednesday that inflation increased 0.3% on a monthly basis after rising 0.2% in January. The annual inflation rate, however, remained at 2.4% in February, the same as it had been in January.
The data was compiled before the U.S. began its ongoing military strikes in Iran, which has led to a surge in oil prices. The next Consumer Price Index Report for the month of March (scheduled for release on April 10) will better capture the current geopolitical instability’s impact on inflation.
While February’s report showed inflation was overall stable, there were modest price increases recorded for shelter, food and services while several goods categories, including used vehicles and auto insurance, saw declines.
The index for shelter rose 0.2% for the month in February, the food index increased 0.4%, and energy prices increased 0.6%. Prices for new vehicles held steady in February, while the cost of used cars and trucks declined -0.4%.
The price of apparel increased 1.3% and the cost of medical services rose 0.6% for the month of February. The household furnishings and operations index rose 0.3% in February, and airline fares index rose 1.4%.
The index for motor vehicle insurance declined -0.3% and personal care fell -0.2%.
The core index, which excludes more volatile food and energy prices, has risen 2.5% over the past 12 months. Shelter costs increased 3.0% over the past year, and other notable year-over-year increases included medical care (+3.4%), household furnishings and operations (+3.9%) and personal care (+4.5%).
