Gas-price spike drives 0.7% rise in consumer prices in February. Steepest jump in nearly 4 years
U.S. consumer prices rose the most in nearly four years in February as gasoline prices surged, temporarily increasing inflation pressures.
The seasonally adjusted index of consumer prices rose 0.7% last month, the biggest increase since June 2009, the Labor Department said Friday. The gasoline index alone surged 9.1%, which accounted for nearly three-fourths of the gain. Overall energy prices climbed 5.4% after declining the previous three months.
The so-called ...
A spike in gas prices drove a measure of U.S. consumer costs up in February by the most in more than three years. But outside the gain in fuel costs, inflation was mostly modest.
The consumer price index increased a seasonally adjusted 0.7 percent last month from January, the Labor Department said Friday. It was the biggest monthly rise since June 2009.
Still, three-fourths of the increase in the index reflected a 9.1 percent surge in gas prices. That was also the largest monthly gain since June 2009. Gas prices had fallen in the previous four months.