The government's latest readings on the Consumer Price Index show inflation bumped up slightly last month.
The CPI was up 3.2 percent for the 12 months ending in February, up slightly from January's annual rate of 3.1 percent.
While the rate of price increases has come down over the last couple of years, consumers are still paying much more than they were in 2020.
"Americans had 20 percent of their purchasing power taken away from them," said Mark Hamrick of Bankrate.com.
Hamrick says it will take more data before the Federal Reserve Board makes any decision to cut interest rates.
"We have a lot more data to weight through," said Hamrick.
