US Inflation Surges, Consumer Prices Up 0.5% in February 2011

Americans paid more for goods and services in February as surging energy and food prices continued to lift US inflation, the US Labor Department said in a report published Thursday.

The Consumer Price Index (CPI), the government’s main barometer for tracking US inflation, rose higher than expected and continued a streak of sharp increases which began in December. Consumer prices climbed 0.5 percent in February 2011, the most since June 2009 when the monthly price index reached 0.9 percent. Many economists were forecasting an increase of 0.4 percent, matching January’s level. Continue reading