The Labor Department announced on Tuesday the U.S. consumer price index (CPI) rose 0.2 percent m-o-m in February after being unchanged m-o-m drop in January. 

Over the last 12 months, the CPI rose 1.5 percent y-o-y last month, following a 1.6 percent m-o-m gain in the 12 months through January. That was the lowest rate since September of 2016. 

Economists had forecast the CPI to increase 0.2 percent m-o-m and 1.6 percent y-o-y in the 12-month period. 

According to the report, the indexes for shelter (+0.3 percent m-o-m) and food (+0.4 percent m-o-m) increased, and the gasoline index (+1.5 percent m-o-m) rebounded after three consecutive monthly declines to result in the seasonally adjusted all items increase.

Meanwhile, the core CPI excluding volatile food and fuel costs edged up 0.1 percent m-o-m in February, following a 0.2 percent m-o-m advance in the previous month. 

In the 12 months through February, the core CPI rose 2.1 percent, after increasing 2.2 percent for the 12 months ending January.  That marked the smallest annual increase in core consumer prices since October last year. 

Economists had forecast the core CPI to rise 0.2 percent m-o-m and 2.2 percent y-o-y last month.