The Consumer Price Index edged 0.1% (2.3% y/y) higher during February for the second consecutive month. These gains followed two months of 0.2% increase. Expectations in the Action Economics Forecast Survey were for no change in the index level. The CPI excluding food & energy rose an expected 0.2% (2.4% y/y) last month, the same as in January.

A 2.0% decline (+2.8% y/y) in energy prices held back the rise in the CPI, following a 0.7% drop. Gasoline prices declined 3.4% (+5.6% y/y) and fuel oil prices fell 8.5% (-5.9% y/y). Natural gas prices eased 0.9% (-2.0% y/y) while the cost of electricity eased 0.1% (+0.6% y/y).

Goods prices excluding food & energy strengthened 0.2% (-0.0% y/y), the first increase in six months. The gain was led by a 0.6% rise in education & communications goods (-5.2% y/y) prices. Apparel prices rose 0.4% (-0.9% y/y) as did the cost of used vehicles (-1.3% y/y) . New vehicle prices edged 0.1% higher (0.4% y/y). Furniture costs rose 0.1% (-0.2% y/y) while appliance prices were unchanged (-1.2% y/y). Medical care goods prices eased 0.6% (+1.8% y/y) for a second straight month and recreation goods prices slipped 0.1% (-0.4% y/y).

Services prices rose 0.2% (3.1% y/y). Medical care service prices improved 0.3% (5.3% y/y) for the third straight month. Shelter costs rose 0.3% (3.3% y/y) as the owners equivalent rent of primary residences gained 0.2% (3.3% y/y). Education & communication prices improved 0.1% (2.1% y/y). Recreation services prices declined 0.5% (+2.3% y/y).

Food prices rose 0.4% (1.8% y/y). Meat prices increased 0.3% (3.7% y/y), while dairy product prices strengthened 1.2% (3.6% y/y). Cereal & bakery product prices increased 0.5% (0.2% y/y) while fruit & vegetable prices held steady (-1.6% y/y). Egg prices declined 0.8% (-4.0% y/y) while nonalcoholic beverage prices rose 0.5% (0.4% y/y).

The Consumer Price Index data can be found in Haver's USECON database with additional detail in CPIDATA. The Action Economics survey figure is in the AS1REPNA database.