The Consumer Price Index (CPI) in the United States rose by 2.4% year-on-year in February, aligning with market predictions and indicating that inflationary pressures remain at moderate levels. Excluding the more volatile food and energy sectors, the core CPI increased slightly by 0.2% month-on-month, with a year-on-year growth rate of 2.5%, unchanged from January. This figure still exceeds the Federal Reserve's long-term target of 2%, but shows no signs of acceleration.
Housing costs continue to rise slowly, with slight increases in rent and housing-related expenses becoming one of the main drivers of inflation. Meanwhile, prices for used cars and auto insurance have declined, while clothing prices rose by 1.3%. New car prices increased only by 0.5% year-on-year, reflecting a divergence in consumer goods price trends.
Food prices overall increased by 0.4%, with an annual growth rate of 3.1%. Notably, egg prices saw a significant drop, falling by 3.8% in a single month, with the year-to-date decline expanding to 42.1%. In terms of energy, February energy prices rose by 0.6% month-on-month, with a slight annual increase of 0.5%. However, analysts point out that this data does not yet reflect the significant spike in oil prices in March due to geopolitical tensions in the Middle East.
Sonu Varghese, Chief Macro Strategist at Carson Group, stated, “While the February inflation data meets expectations, it feels more like the calm before the storm.” Market attention is shifting towards the persistent resilience of service prices, such as healthcare, airfare, and accommodation costs, which continue to rise, while the price growth of durable goods affected by tariffs has noticeably slowed. Overall, inflation remains on a stable path, but subsequent changes in energy costs could become a key variable for the next phase of policy direction.