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.

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