U.S. consumer prices rose for the first time in four months in February, but the...
WASHINGTON - U.S. consumer prices rose for the first time in four months in February, but the pace of the increase was modest, resulting in the smallest annual gain in nearly 2-1/2 years.
The Consumer Price Index increased 0.2 percent, lifted by gains in the costs of food, gasoline and rents. The CPI had been unchanged for three straight months. In the 12 months through February, the core CPI rose 2.1 percent. The core CPI had increased by 2.2 percent for three consecutive months on an annual basis. Economists polled by Reuters had forecast the CPI and the core CPI edging up 0.2 percent in February.
Slowing domestic and global growth are keeping inflation in check even as a tight labor market is driving up wages. Annual wage growth jumped 3.4 percent in February, the biggest increase since April 2009, from 3.1 percent in January. In February, gasoline prices rose 1.5 percent after falling 5.5 percent in January. Food prices increased 0.4 percent, the biggest rise since May 2014, after gaining 0.2 percent in January. Food consumed at home rose 0.4 percent last month, boosted by more expensive dairy products, fresh vegetables, cereals and meat.
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