US Consumer Prices Rise
US consumer prices rose at a slower pace in February. Clothing and housing costs rose last month, while motor vehicle and gasoline prices dipped, CNBC reported. Consumer prices rose 0.1% in February, a sharp deceleration from the 0.6% jump in January, the Labor Department said Wednesday. The tempered increase comes as the Federal Reserve appears to be poised Wednesday to raise a key short-term rate for the third time since late 2015. Higher energy prices since September, along with rising health care and housing costs, have pushed the consumer measure of inflation above the Fed target. Consumer prices have risen 2.7% over the past year. Excluding volatile food and energy categories, prices have increased 2.2%. Several key categories are running above that average. Housing costs have risen 3.5% over the past 12 months, while the price of medical treatment has climbed 3.4%. Gasoline prices surged 7.8% in January—driving much of the increase in consumer prices that month.