Updated: 12-Mar-25 09:09 ET

February CPI

Updated: 12-Mar-25 09:09 ET

Highlights

• Total CPI, tempered by a 0.1% decline in new vehicle prices, was up 0.2% month-over-month (Briefing.com consensus 0.3%) following a 0.5% increase in January.
• Core CPI, which excludes food and energy, was also up 0.2% month-over-month (Briefing.com consensus 0.3%) following a 0.4% increase in January.
• On a year-over-year basis, total CPI was up 2.8%, versus 3.0% in January, and core CPI was up 3.1%, versus 3.2% in January.

Key Factors

• The food index increased 0.2% month-over-month and was up 2.6% year-over-year.
• The energy index jumped 0.2% month-over-month and was down 0.2% year-over-year.
• The shelter index increased 0.3% month-over-month and was up 4.2% year-over-year.
• The used cars and trucks index rose 0.9% month-over-month and was up 0.8% year-over-year.
• The apparel index was up 0.6% month-over-month and was up 0.6% year-over-year.
• The services index was up 4.1% year-over-year (services less rent of shelter was up 3.8%).
• The all items index less shelter was up 2.0% year-over-year.

Big Picture

• The key takeaway from the report is that inflation overall is still sticking comfortably above the Fed's 2.0% target, and now with tariff actions ramping up -- and "reciprocal tariffs" coming April 2 -- confidence has been shaken that future inflation reports will convey undeniably pleasing inflation data.

Category	FEB	JAN	DEC	NOV	OCT
All Items	0.2%	0.5%	0.4%	0.3%	0.2%
Food and Beverages	0.2%	0.4%	0.3%	0.3%	0.2%
Housing	0.4%	0.3%	0.3%	0.3%	0.4%
Equivalent Rent	0.3%	0.3%	0.3%	0.3%	0.4%
Apparel	0.6%	-1.4%	0.1%	0.1%	-0.9%
Transportation	-0.4%	1.2%	1.2%	0.3%	0.1%
Vehicles	0.1%	1.0%	0.3%	0.6%	0.3%
Motor Fuel	-1.0%	1.8%	4.0%	0.3%	-1.0%
Medical Care	0.3%	0.2%	0.1%	0.2%	0.2%
Educ and Commun	0.2%	0.3%	0.0%	-0.3%	-0.2%
Special Indices
Core	0.2%	0.4%	0.2%	0.3%	0.3%
Energy	0.2%	1.1%	2.4%	0.1%	-0.2%
Services	0.3%	0.5%	0.3%	0.3%	0.4%