The U.S. Labor Department released consumer price inflation data on Wednesday. The U.S. consumer price inflation fell 0.2% in February, in line with expectations, after a flat reading in January.

The index was mainly driven by lower gasoline prices, which slid 13% in February.

Shelter costs climbed 0.3% in February, medical care costs were up 0.5%, while food prices increased 0.2%.

On a yearly basis, the U.S. consumer price index decreased to 1.0% in February from 1.4% in January, beating expectations for a fall to 0.9%.

The U.S. consumer price inflation excluding food and energy gained 0.3% in February, exceeding expectations for a 0.2% rise, after a 0.3% increase in January. It was the largest rise since May 2012.

The increase was driven by rents and medical costs.

On a yearly basis, the U.S. consumer price index excluding food and energy increased to 2.3% in February from 2.2% in January, beating expectations for a 2.2% rise.

The consumer price index is not preferred Fed's inflation measure.