Inflation slows through February, beating expectations

The Trump Administration was quick to celebrate when data released Wednesday by the Bureau of Labor Statistics showed inflation slowing through February, though the figure remains well above the Federal Reserve’s 2% target and some prices continue to climb.

The consumer price index increased 2.8% for the twelve months ending in February, according to BLS, down from the 3% index seen in the year ending in January. The core consumer price index (excluding food and fuel) fell to the lowest level measured since the spring of 2021, coming it at 3.1% and down when compared to January’s 3.3% year-over-year index.

“Today’s CPI report shows inflation is declining and the economy is moving in the right direction under President Trump. Core consumer prices, which is the best measure of inflation, dropped to its lowest level in four years. This inflation report, much like last week’s jobs report, is far better than the media predicted and the so-called ‘experts’ expected,” White House Press Secretary Karoline Leavitt said in a statement.

Though some indexes showed a decline in pricing — among them airline fares and new vehicles — even with inflation coming in lower than expected, prices overall are still going up and most indexes climbed through February, including “medical care, used cars and trucks, household furnishings and operations, recreation, apparel, and personal care,” according to BLS.

The price of eggs, no longer just a breakfast staple but now a frequent political talking point, rose most dramatically of all prices included in the Consumer Price Index Summary released by BLS, coming in up by an eye-popping 58.8% year over year. The price for all meats including eggs was also way up, by 7.7% year over year, but that was mostly due to the cost of eggs.

The steep climb in the cost of a breakfast sandwich caused sharp spikes in the month-to-month numbers, too.

“Driven primarily by a 10.4-percent increase in the index for eggs, the index for meats, poultry, fish, and eggs rose 1.6 percent in February. The beef index also increased over the month, rising 2.4 percent. The index for cereals and bakery products rose 0.4 percent in February, after falling 0.4 percent in January,” BLS wrote in their summary.

Month-to-month, prices climbed by 0.2% through February, compared to 0.5% in January. A sizable portion of the February’s price gains were due to increased costs for housing, according to BLS.

“The index for shelter rose 0.3 percent in February, accounting for nearly half of the monthly all items increase,” they wrote.

Numbers in the Northeast don’t look quite as rosy as the nation taken as a whole. Prices for all items rose in the region year to year through February by 3.9%, and all items less food and energy were up by 4.2%.

The consumer price index rose 0.6% month-to-month in the Northeast, while the CPI less food and energy also rose by 0.6%, “accounting for over eighty percent of the monthly all items increase,” according to BLS.

Food prices in the northeast were also up and, just like in the rest of the country, were driven there in large part due the price of eggs.

“Food prices rose 2.4 percent over the year. The index for food away from home advanced 3.6 percent, while the index for food at home increased 1.6 percent. Much of the rise in the food at home index came from a 7.8-percent advance in prices for meats, poultry, fish, and eggs and a 5.7-percent increase in nonalcoholic beverages and beverage materials prices,” BLS wrote.

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