The Labor Department announced on Wednesday the U.S. consumer price index (CPI) rose 0.1 percent m-o-m in February, the same pace as in the previous month.

Over the last 12 months, the CPI climbed 2.3 percent y-o-y last month, following an unrevised 2.5 percent m-o-m jump in the 12 months through January.

Economists had forecast the CPI to be flat 0.2 percent m-o-m and to increase 2.2 percent y-o-y in the 12-month period.

According to the report, gains in the indexes for shelter (+0.3 percent m-o-m) and for food (+0.4 percent m-o-m) were the main causes of the February increase in the seasonally adjusted all-items index, more than offsetting a drop in the energy index (-2.0 percent m-o-m).

Meanwhile, the core CPI excluding volatile food and fuel costs rose 0.2 percent m-o-m in February, the same pace as in the previous month.

In the 12 months through February, the core CPI surged 2.4 percent, following a 2.3 percent advance in the 12 months ending January.

Economists had forecast the core CPI to rise 0.2 percent m-o-m and 2.3 percent y-o-y last month.