The U.S. Commerce Department released personal spending and income figures on Monday. Personal spending was up 0.1% in February, missing expectations for 0.3% gain, after a 0.2% fall in January.

Consumer spending makes more than two-thirds of U.S. economic activity.

The increase was driven by higher spending on services. Spending on services gained 0.2% in February. Higher heating bills may lead to the increase.

Spending on goods fell 0.1% in February.

Personal income climbed 0.4% in February, exceeding expectations for a 0.3% increase, after a 0.4% rise in January. January's figure was revised up from a 0.3% gain.

The personal consumption expenditures (PCE) price index excluding food and energy rose 0.1% in February, in line with expectations, after a 0.1% rise in January.

On a yearly basis, the PCE price index excluding food and index rose 1.4% in February, after a 1.3% increase in January.

The PCE index are below the Fed's 2% inflation target. The PCE index is the Fed's preferred measure of inflation.