U.S. consumer prices decline less than expected in February
Consumer prices edged lower by 0.2% month-on-month in February, pushing the year-on-year rate down to 1.0% from 1.4%, according to the Bureau of Labor Statistics.
Economists had penciled in a drop of 0.2% month-on-month and a 0.9% rise year-over-year.
To take note of, at the 'core' level, stripping out food and energy prices that is, the consumer price index rose by 0.3% month-on-month (consensus: 0.2%) and by 2.3% versus a year ago (consensus: 2.2%).
In comparison to the previous month, food prices increased by 0.2% while those for energy declined by 6.0%.
Apparel and medical care commodities registered the largest increases in their cost, rising by 1.6% and 0.6% over the previous month. ■