US Inflation Rate Remains at 2.9%, but Consumer Prices Jump 0.4% in February 2012

While the annual percentage rate remained unchanged, US inflation climbed sharply in February as soaring gasoline costs drove the biggest monthly increase in consumer prices since April 2011.

Consumer prices rose 0.4 percent in February after an increase of 0.2 percent in January, the US government reported today in Washington. The cost of food was actually flat last month, marking the first time food prices have not advanced since July 2010. But energy prices surged in February as prices at the pump jumped 6.0 percent. Continue reading