The Consumer Price Index (CPI) rose 2.2% on a year-over-year basis in February, following a 1.7% increase in January.

All eight major components increased year over year in February.

Energy costs were 5.3% higher compared with February 2017, after increasing 2.4% year over year in January. Year-over-year gains in gasoline (+12.6%) and natural gas (+0.8%) were larger in February than in January.

Prices for durable goods were up 0.6%, led by the purchase of passenger vehicles index (+2.5%), mainly due to lower rebates on 2018 model-year vehicles.

Higher prices for services also contributed to the increase in the CPI. In February, consumers paid more on a year-over-year basis for travel tours (+2.2%) and Internet access services (+5.2%). The mortgage interest cost index rose 2.3%, reflecting, in part, recent interest rate increases. These gains in service prices were moderated by lower traveller accommodation (-4.8%) costs.