February inflation breakdown: Where are prices still rising the fastest?
A 'Mornings with Maria' panel discusses the U.S. economy and markets after the January year-over-year CPI comes in at 3.1%.
Inflation rose faster than expected in February as an increase in the cost of rent and gasoline kept prices elevated for millions of U.S. households.
The Labor Department said Tuesday that the consumer price index, a broad measure of the price of everyday goods including gasoline, groceries and rent, rose 0.4% in February from the previous month. Prices climbed 3.2% from the same time last year. Both of those figures are higher than they were the previous month.
«Inflation continues to churn above 3%, and once again shelter costs were the main villain,» said Robert Frick, corporate economist at the Navy Federal Credit Union. «The good news is food prices didn’t rise last month, but the bad news is one of the other main pain points for consumers, transportation costs, rose quite a bit.»
Here is a breakdown of where Americans are seeing prices rising and falling the fastest as they continue to wrestle with sticker shock.
INFLATION RAN HOTTER THAN EXPECTED IN FEBRUARY AS HIGH PRICES PERSIST
Housing costs were once again one of the biggest drivers of inflation last month. Rent costs rose 0.4% for the month and are up 5.8% from the same time last year.
A «for rent» sign is posted in front of a home on Dec. 12, 2023, in Miami, Florida. (Joe Raedle / Getty Images)
Rising rents are concerning because higher housing costs most directly and acutely affect household budgets. Another data point that measures how much homeowners would pay in equivalent rent if they had not bought their home also climbed by 0.4% from the previous month.
RISING CHILD CARE PRICES STARTING TO BITE US FAMILIES
Food has been one
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