US inflation ticked higher last month, reversing some recent progress

The latest US inflation report showed that rising prices continue to weigh on American consumers. The Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures price index, was up 2.5% for the 12 months that ended in February, a faster pace than January’s 2.4% rise in prices. However, it was in line with FactSet consensus estimates. Driving the increase in the annual inflation rate was a 2.3% jump last month in energy prices.