Mar 12, 2024 - Business

Charted: What drove February's inflation

Data: BLS; Chart: Axios Visuals
Data: BLS; Chart: Axios Visuals

Gas prices are cheaper than this time last year, but they've been rising for the last several weeks — and that led to a higher-than-expected inflation jump in February, Nathan writes.

State of play: Gas prices were down 3.9% in February, compared with a year earlier, but up 3.8% from January.

  • Overall, the Consumer Price Index posted a 3.2% uptick over the last 12 months and a 0.4% jump over the previous month.

The big picture: For the second straight month, the CPI flashed signals that the 2023 disinflation trend may have stalled out at the start of 2024, our Axios Macro colleagues write.


This story was an excerpt from Axios Closer, a recap on the day's biggest business stories.

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