On Tuesday, the U.S. Labor Department said that consumer prices had edged slightly higher in February.
The government’s Consumer Price Index (CPI) inched up 0.1% last month. That followed a similar gain in January. February’s increase matched economists’ forecasts, Reuters notes.
Core CPI, which excludes food and fuel prices, also increased by 0.1%. February marked the third consecutive month that core CPI has risen by 0.1%.
Food prices climbed 0.4% in February. That marked the largest monthly food price gain since September 2011. Gasoline prices, by contrast, fell.
Consumer prices gained 1.1% during the 12-month period that ended in February. That was down from a 1.6% rise in the same period that concluded in January.
A continued lack of any sign of inflationary pressure in the U.S. economy will likely spur the Federal Reserve to continue tapering its monthly bond-buying. The Federal Reserve has set a 2% target for U.S. inflation.