The Labor Department reported on Thursday, Dec. 10, that the gain in the consumer price index followed an unchanged reading in October and matched the 0.2% September advance.
(AP Photo/David Zalubowski)WASHINGTON – U.S. consumer prices increased 0.4% in February, the biggest increase in six months, led by a sharp jump in gasoline prices.
Over half of the increase came from a second monthly surge in gasoline prices, which rose 6.4% after a 7.4% jump in January.
Gasoline costs have been climbing since December, reflecting rising costs of crude oil.
Consumer prices are up 1.7% over the past year, a still moderate performance for inflation which is running below the Federal Reserve's 2% target for price increases.