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Prices increase more than expected in February

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Prices increase more than expected in February

CPI rises for first time since October.

The Consumer Prices Index increased on a seasonally adjusted basis by 0.2% in February, according to the U.S. Bureau of Labor Statistics. This is the first increase since October of last year, and was driven largely by an increase in gas prices.  In January, the CPI fell 0.7%. 

Analysts had expected a decreased of 0.1%.

Over the last 12 months, the index is unchanged.

The index for all items less food and energy, known as “core” CPI, increased 0.2%, following an identical increase in January.

Core CPI has increased 1.7% over the last 12 months.

The muted increase in consumer prices gives added strength to the argument against the Fed raising interest rates in the near term.

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