Inflation’s temperature came down a little bit more last month, but the Federal Reserve’s campaign to bring down high prices has grown even more complex in recent days.
The Consumer Price Index, a closely watched gauge of inflation, showed that annual price increases continued to slow in February, the Bureau of Labor Statistics reported on Tuesday.
CPI measured 6% for the year ended in February, down from January’s 6.4% and in line with economists’ expectations.
It’s the eighth consecutive month that the annual rate has declined and marks the lowest level since September 2021.
“Inflation has peaked, but it hasn’t gone into hibernation,” said Mark Hamrick, senior economic analyst for Bankrate.
On a monthly basis, prices were up 0.4%, representing a cooldown from the January monthly growth rate of 0.5%. Economists were expecting a gain of 0.4%.