Consumer Prices UP 5%
The Labor Department reported that, due to higher energy and food costs, consumer prices in the U.S. rose 0.5 percent in February after gains of 0.4 percent in December and January, an annualized rate of more than 5 percent over the last three months.
From a year ago, overall consumer prices are up 2.1 percent, however, this includes several months of flat or falling prices in early-2010, a trend that abruptly reversed last summer.
While the one-year inflation rate is now the highest since April of last year, the last three months have seen the sharpest increase in consumer prices since mid-2008, just prior to the financial crisis, as indicated in the chart above.
By category, it was the familiar story of surging energy costs, rising food prices, and modest increases elsewhere. Gasoline prices rose 4.7 percent in February and were 19.2 percent higher from a year ago while the cost of fuel oil rose 4.1 percent last month, up 17.9 percent from this time last year. Food prices rose 0.6 percent last month and are now 2.3 percent higher on a year-over-year basis.
Offsetting broad price increases were price declines for apparel and personal computers, down 0.9 percent and 0.5 percent last month, respectively.
Core inflation (excluding food and energy) came in at 0.2 percent in February, up 1.1 percent from a year ago, and should provide adequate cover for the Federal Reserve to continue its easy money policies, regardless of the actual cost of living experienced by most Americans that, unfortunately, includes food and energy.
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