This will likely come as no surprise to consumers who have been stretching dollars to make ends meet for years: Inflation rose again in February.
The Consumer Price Index, which measures the change in prices for goods and services, increased 0.4% in February after rising 0.3% in January, according to data from the U.S. Labor Department.
The data also shows that over the last 12 months, overall inflation was 3.2% -- dramatically lower than two years ago but still well short of the 2% goal set by the Federal Reserve.
The biggest factors in the increase are housing costs and gas prices, which contributed to more than 60% of the total growth, the department said. Gas prices spiked 3.8% over the month and housing costs rose 0.4%, including a 0.5% increase in rent prices.
The cost of housing has increased 5.7% over the last year, accounting for roughly two-thirds of the total 12-month increase in all items other than food and energy, according to the department.
Energy costs increased 2.3% overall in February, as all of its component indexes increased. Natural gas rose 2.3%, electricity rose 0.3% and the fuel oil index increased 1.1%.
"Despite the monthly increase, the energy index fell 1.9% over the past 12 months," he department noted. "The gasoline index decreased 3.9%, the natural gas index declined 8.8%, and the fuel oil index fell 5.4% over this 12-month span. In comparison, the index for electricity rose 3.6% over the last
year."
Food prices were overall unchanged in February after rising 0.4% in January. Three of the six major grocery store food groups -- dairy and related products, fruits and vegetables, and nonalcoholic beverages -- had prices decrease over the month.
Prices for all items other than food and energy rose 0.4% in February, as they did the previous month. Airline fares increased by 3.6% following a 1.4% increase in January. Motor vehicle insurance also saw a 0.9% increase over the month. Among other indexes that rose in February were apparel, recreation, and used cars and trucks.
The cost of medical care was unchanged in February after rising 0.5% in January. Hospital services decreased 0.6%, physicians' services decreased
0.2%, and the cost of prescription drugs fell 0.1% over the month. Dental services were among those that rose in February, increasing 0.4%.
Personal care fell 0.5% in February, following a 0.6% increase in January. The cost of household furnishings and operations also fell 0.1% over the month, as did prices for new vehicles.