The Consumer Price Index for All Urban Consumers, a key metric of inflation, rose 0.2 percent in January, slowing the year-to-date inflation rate to 2.8 percent. This represents a decrease from January’s CPI, which showed annual inflation of 3 percent.
A notable change in the CPI for February came in gasoline, which fell by 1 percent in cost. Overall energy costs still rose, by 0.2 percent over the month as electricity and natural gas costs rose.
Food rose by 0.2 percent in February, after increasing by 0.4 percent in January. The greatest increase in food costs came in eggs, which rose by 10.4 percent. The cost of shelter rose 0.3 percent in February, with rent rising by the same percentage.
The new numbers build on a trend of indicators showing falling inflation. In January, the Fed’s favorite inflation indicator, the core Personal Consumer Expenditure Index, fell to its lowest level in two years.
The post Inflation Rate Eases to 2.8 Percent appeared first on The American Conservative.