The Consumer Price Index (CPI) rose 2.0% on a year-over-year basis in February, following a 2.1% gain in January.

Excluding gasoline, the CPI was up 1.3% year over year in February, following a 1.5% increase in January.

Prices were up in seven of the eight major components in the 12 months to February, with the transportation and shelter indexes contributing the most to the year-over-year rise in the CPI. The food index decreased for a fifth consecutive month.

Consumer prices increase in seven of the eight major components:

Transportation costs rose 6.6% over the 12-month period ending in February, after increasing 6.3% in January; this acceleration occurred despite a 0.8% monthly decline in February. On a year-over-year basis, consumers paid 23.1% more for gasoline and the purchase of passenger vehicles index was up 3.6%.